US budget deficit jumps 23 percent through June

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WASHINGTON (AP) The U.S. budget deficit increased by $140 billion during the first nine months of this budget year to $747.1 billion as government revenues and spending both hit records.

The Treasury Department says that the deficit for the current fiscal year, which began in October, is up 23.1 percent over the same period a year ago with receipts rising by 2.7 percent while spending increased 6.6 percent.

The Trump administration is forecasting that the deficit for the full budget year, which ends on Sept. 30, will top $1 trillion, up from a deficit of $779 billion last year.

The surge in deficits reflects a variety of factors including a $1.5 trillion tax cut President Donald Trump pushed through Congress in late 2017 and billions of dollars in extra spending Congress approved in early 2018.