and south korea says it will stop trying to benefit from its status as a developing nation the u.s. complains rich countries are using their status to play in the world trade. it s time for business on the w. i m here welcome to the program the u.s. treasury has announced that the country s budget deficit sorts to almost a trillion dollars in the 2900 physical year that s a 26 percent jump from 2018 the trump administration has spent far more than its tax revenue because of the republican led tax cuts taking advantage of a booming economy government spending grew twice as fast as tax revenues the u.s. treasury secretary steven said economic agenda is working while lawmakers fear the government is undermining fiscal responsibility. for more on the subject i m now joined by the financial correspondent on wall street. these deficit numbers
and significant. it s just after a new report is offering a new warning about the u.s. economy. the administration yesterday saying that the country s budget deficit is ballooning to a level not seen in years and that it also could reach a trillion dollars by the end of this fiscal year. let s get straight to white house correspondent katilan collins. she s joining me right now. kaitlyn, what are you hearing about all of this? well, kate, that wasn t going to be a pretty backdrop for the president going to pennsylvania to this manufacturing town today where the white house said he was going to tout their economic accomplishment, something that the republicans want the president to focus on, the economy gains, but it will come with the mind-belowing receive did it dollars and the stalled trade talks with china that have been putting fear in investors and spooking the markets. so we re getting this news about this delay, even though we know that companies in the background have been lo