The federal deficit was 20 percent larger in the first 10 months of fiscal year 2018 than it was during the same time last year, the Congressional Budget Office announced Wednesday.
Revenues rose 1 percent, but outlays increased by 4 percent, producing a deficit of $682 billion on total receipts of $2.76 trillion.
The April tax period produced more individual tax payments for the 2017 calendar than expected, CBO said, contributing to the rise in revenues. Corporate income tax payments, however, were lower than expected, falling by $66 billion, likely due to the GOP tax cuts taking effect this year.
On the spending side, outlays for Social Security rose by 4 percent, while Medicaid and Medicare rose by 3 percent each. Spending at the Department of Defense rose 6 percent. The Department of Homeland Security saw a 49 percent increase in spending, largely on disaster relief. Spending for net interest on the public debt jumped by 19 percent, mostly due to adjustments made for higher inflation.
