US budget deficit jumps 23% through June

FILE - This June 12, 2019, file photo shows the U.S. Capitol dome on Capitol Hill in Washington. On Thursday, July 11, the Treasury Department release...

FILE - This June 12, 2019, file photo shows the U.S. Capitol dome on Capitol Hill in Washington. On Thursday, July 11, the Treasury Department release...

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% over the same period a year ago with receipts rising by 2.7% while spending increased 6.6%.

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.