Apr 1, 2018

How Trump got crushed on the budget

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Senate passes $1.37 trillion spending deal

Photo: Mandel Ngan/AFP/ Getty Images

The Senate on Thursday voted 81-11 to approve a $1.37 trillion spending measure to avoid a government shutdown when federal funding runs out at midnight on Friday, NPR reports.

What they're saying: Kellyanne Conway told reporters President Trump is “very happy” about the legislation and signaled that he plans to sign the two bills to avoid a shutdown, according to CNBC.

Go deeperArrowUpdated Dec 19, 2019

Trump signs $1.37 trillion spending deal, averting federal shutdown

President Trump on Dec. 19. Photo: Brendan Smialowski/AFP via Getty Images

President Trump on Friday evening signed a $1.37 trillion spending measure to avoid a government shutdown, according to CNBC.

Why it matters: Unlike last year, when the U.S. government shut down for 35 days from December through January, Trump was willing to accept less funding than he originally requested for the U.S.-Mexico border. He wanted $8 billion for the wall, but Congress only fulfilled $1.375 billion for fence construction, according to NPR.

Go deeperArrowDec 21, 2019

Deficit balloons to $356.6 billion in first quarter of fiscal year

Photo: Bloomberg Creative Photos/Getty Images

The U.S. budget deficit hit $356.6 billion in the first quarter of fiscal year 2020, up 11.8% compared to the same period the previous year, Bloomberg reports.

Why it matters: The deficit, which President Trump pledged in 2016 to eliminate within eight years, is on pace to exceed $1 trillion by the end of 2020. The U.S. has not seen $1 trillion annual deficits since the three years that followed the 2008 financial crisis, per the New York Times.

Go deeperArrowJan 13, 2020