US Federal Deficit to Hit $1 Trillion soon

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The U.S. federal deficit will reach $1 trillion by the end of the fiscal year, the nonpartisan Congressional Budget Office said Tuesday.

The CBO said in previous estimates that it did not expect to hit the milestone until 2020.

Spending rose by $222 billion, or 32 percent, in the first 11 months of fiscal 2018, compared with the same period last year.

In the current period, the deficit has reached $895 billion.

The CBO credited the surge to the new Republican tax law and increased government spending. Expenditures rose by 7 percent, while tax revenue rose by only 1 percent.