Federal Deficit Jumps To $747 Billion, Likely To Exceed $1 Trillion By September

The Trump tax cut is estimated to add $1.9 trillion to the deficit over a decade.

The past nine months saw a federal deficit increase of $747 billion, according to the U.S. Treasury Department — and that number is expected to surpass $1 trillion by the end of the fiscal year.

The Hill reported that the increase represented a 23 percent jump over the same period last year, as revenue rose 2.5 percent but failed to match the 6.6 percent increase in spending.

Servicing the debt was the government’s sixth largest spending category, and also the fastest growing expense, according to the Treasury’s report, growing “nearly twice as fast as defense spending and well above increases for Medicare, health, and Social Security.”

The Treasury report follows just a few months after the first tax season under Republicans’ 2017 tax law, which The Hill noted is expected by the Congressional Budget Office to add $1.9 trillion to the federal deficit over the next decade.

Still, Congress is currently working on a new spending deal that would see increases for defense and domestic spending for the next two fiscal years.

Read the full report.