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U.S. deficit grew 77% in first quarter of 2019

President Donald Trump and Senate Majority Leader Mitch McConnell
President Trump and Senate Majority Leader Mitch McConnell. Photo: Saul Loeb/AFP/Getty Images

The Treasury Department said the U.S. deficit grew 77% in the first 4 months of the 2019 fiscal year (beginning Oct. 1), driven by sweeping tax cuts passed at the end of 2017 and increased federal spending, reports the Washington Post.

The big picture: The department said the deficit for the 4 months amounted to $310 billion — up from $176 billion recorded in the same period during the last fiscal year. Meanwhile, tax revenue from October 2018 through January 2019 dropped $19 billion, per the Post. Corporate tax payments fell approximately 25%, and there was a 9% increase in federal spending.

Go deeper: The national debt has soared past $22 trillion, but does it even matter?

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