U.S. budget deficit grew by $113 billion in fiscal year 2018

The U.S. budget deficit grew by $113 billion in fiscal year 2018, driven by tax cuts and increased federal spending on defense, Medicaid, Social Security and disaster relief, reports CNBC.

The big picture: The total deficit for FY 2018 came in at $779 billion, or 3.9% of U.S. GDP, and was the largest of any year since 2012. In a statement, Office of Management and Budget Director Mick Mulvaney said that "America's booming economy will create increased government revenues," but warned that Congress should be wary of the "dire consequences" of irresponsible spending.