Annual U.S. deficit tops $1 trillion for first time in 7 years

Sept. 13 (UPI) -- For the first time in seven years, the U.S. national deficit for the year has surpassed the $1 trillion mark, the Treasury Department said.

Statistics issued by the department Thursday show the deficit in August alone reached $214 billion, which pushed the overall debt for fiscal 2019 to nearly $1.1 trillion. It's the first time the annual debt surpassed the mark since late 2012.

The figures suggest the deficit will almost certainly end the fiscal year in trillion-dollar territory. The debt was $779 billion at the end of 2018.

The total national debt stands at $22.5 trillion, and has increased by 13 percent so far under President Donald Trump's administration.

"Absent more responsible budgets, the deficit and interest costs will continue to grow rapidly, diminishing America's future," said analyst Michael Peterson, chief executive of the conservative Peterson Foundation. "The longer we wait, the more costly and difficult it will be to put our nation on a stronger path."

Former South Carolina Gov. Mark Stanford, who is challenging Trump for the 2020 Republican presidential nomination, called on the president to act.

"We edge closer to the brink. When will we wake up to this threat?" he asked in a tweet. "Time for [Trump] to quit tweeting and start leading."

Some financial experts have blamed the deficit woes on Trump's 2017 tax overhaul, but nearly all analysts say it's a result of recent bipartisan policies.