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The U.S. budget deficit hit $747.1 billion over the first nine months of the fiscal year, a 23% increase from the same point in 2018, Bloomberg reports.
Why it matters: The deficit has been widening as the country approaches its debt limit — which Congress has not moved to raise thus far. Per Bloomberg, the Bipartisan Policy Center earlier this week warned that there is a "significant risk" for a breach of the debt ceiling in September, revising its prior prediction of October or November.
By the numbers, per the Treasury Department:
- Federal spending hit $3.36 trillion in the span from October to June — a 6.6% year-over-year jump.
- Meanwhile, revenue rose by 2.7% to $2.61 trillion.
The state of play: While President Trump's tariffs provided a small uptick in revenue, that influx was washed away by increased federal spending spending and the administration's tax cuts.