The federal government spent $779 billion more than it took in during the 2018 fiscal year, the highest deficit since 2012, according to Treasury Department data released Monday.
The deficit rose 17 percent from the previous year, fueled by the 2017 GOP tax cuts and a bipartisan agreement to increase spending. Treasury projected that the deficit will surpass $1 trillion in fiscal 2019, which began Oct. 1.
Overall receipts were similar to the previous year, up 0.5 percent despite a booming economy and a low unemployment rate. Outlays, however, rose six times faster, surpassing $4.1 trillion.
Earlier this month, the nonpartisan Congressional Budget Office issued a similar deficit figure of $782 billion.