The Congressional Budget Office reported Thursday that the budget deficit in the first eight months of the fiscal year was $530 billion, nearly $100 billion higher than the first eight months of the prior year.
CBO said federal receipts rose $55 billion in the first eight months of the fiscal year compared to 2017. But outlays increased even more, by $152 billion.
Total receipts two-thirds of the way through the year were $2.224 trillion, while outlays were $2.754 trillion.
On the revenue side of the equation, the government saw a $93 billion increase in individual income taxes collected, and a $42 billion drop in corporate income taxes compared to the prior year.
On the spending side, the cost of all major items increased. Social Security spending rose $27 billion, defense spending rose $19 billion, and interest on the national debt rose $32 billion.
CBO and other budget analysts expect the budget deficit to rise in the coming years, in part because of the bilateral spending deal reached this year to boost spending by $300 billion through 2019.
Many project the return of budget deficits that exceed $1 trillion per year if spending or tax policy is not adjusted.
