Speed Reads

national debt

Treasury Department: U.S. budget deficit is up 27 percent, exceeds 2018 total

The Treasury Department reported Monday that the U.S. budget deficit grew to $867 billion for the first 10 months of the fiscal year, an increase of 27 percent compared to this time in 2018.

The deficit for fiscal year 2018 was $779 billion. The fiscal year ends on Sept. 30, and the White House's Office of Management and Budget predicts by that point, the deficit will reach $1 trillion for the year.

Experts say the 2017 Republican tax plan, which included $1.5 trillion in tax cuts over 10 years, is one reason why the deficit is growing so much. While tax revenue increased by 3 percent since Oct. 1, federal spending is up 8 percent in the same period. That is only going to continue to increase, as a two-year budget deal signed into law by President Trump this month will raise spending by $320 billion.