President Trump pledged to eliminate the national debt within eight years. Almost halfway to his self-imposed deadline, it has actually increased.
The U.S. is $3 trillion more in debt than it was when Mr. Trump entered the White House. In nearly three years, it rose 15% — from $19.9 trillion to $22.9 trillion, according to the latest numbers from the Treasury Department.
The federal deficit is $984.4 billion — up 26% from $779 billion in 2018 — and is widely expected to exceed $1 trillion this year. The increase is largely attributed to the $1.5 trillion tax cuts that Mr. Trump signed in 2017. They have so far resulted in revenue losses at a time of spending growth.
The president and Republicans argued that the tax cuts would pay for themselves, but Representative Kevin Brady, who helped craft the 2017 bill, admitted this year that that has yet to happen.