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White House projects $1 trillion deficit for 2019

 President Donald Trump attends a press conference on the census in the Rose Garden of the White House on July 11, 2019 in Washington, DC.
Photo: Alex Wong/Getty Images

The White House Office of Management and Budget (OMB) projected in its midyear review Monday that the federal deficit would surpass $1 trillion this year.

Why it matters: It's the first time the U.S. deficit has exceeded the $1 trillion level since the 4-year period following the Great Recession. When President Trump was a presidential candidate, he promised to wipe out the deficit and also the entire federal debt, which has surpassed $22 trillion.