The federal deficit grew by 23% to $747.1 billion in the first nine months of the fiscal year, due in part to the new GOP tax law which was estimated to add $1.9 trillion to the deficit over a decade.
According to U.S. Treasury figures released Thursday, the deficit is expected to exceed $1 trillion by Sept. 30, the end of the fiscal year.
Although revenue rose by 2.5 percent, it failed to keep pace with the 6.6 percent rise in outlays.
The Hill reports:
While the largest spending categories remained Social Security, defense, Medicare and health, the sixth-highest expenditure was for servicing the debt.
The amount spent on net interest was also the fastest growing category, increasing 16.4 percent, nearly twice as fast as defense spending and well above increases for Medicare, health, and Social Security.
The new figures come just a few months after the first tax season under the GOP’s 2017 tax law, which the nonpartisan Congressional Budget Office projected would add $1.9 trillion to the deficit over a decade, and after a bipartisan deal to increase spending.