The US budget deficit widened to $867 billion for the first 10 months of the fiscal year, an increase of 27% over this time last year, the Treasury Department reported
The current shortfall exceeds the full-year deficit for fiscal 2018, which was $779 billion.President Donald Trump, who promised during the 2016 campaign to eliminate the federal debt, has instead overseen a dramatic increase in deficits. The White House's Office of Management and Budget has predicted that the deficit will exceed $1 trillion for the entire fiscal year, which ends on September 30.
Read MoreThere are a number of factors driving the US deficit increase, including the $1.5 trillion tax cuts signed into law by Trump in 2017 along with a massive spending package passed by Congress. Tax revenue rose 3% to $2.86 trillion since the start of the fiscal year on October 1, but hasn't kept up with increased federal spending, which increased 8%.
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