Budget deficit exceeds 2018 total

Budget deficit exceeds 2018 total
© Greg Nash

The U.S. budget deficit for fiscal 2019 has already exceeded the full-year figure for the previous year, the Treasury Department announced Monday.

The gap between spending and revenue grew to $866.8 billion in the first 10 months of the fiscal year, up 27 percent from the same period a year earlier, according to a department report.

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"July has been a deficit month 63 times out of 65 fiscal years, since there are no major corporate or individual tax due dates in this month," a statement attached to the report said.

Last year's shortfall totaled $779 billion.

While revenue has increased by 3 percent in the fiscal year which began Oct. 1, spending jumped 8 percent.

Trump administration tariffs helped almost double customs duties to $57 billion in the period.

The annual budget deficit is expected continue growing and exceed $1 trillion starting in 2022, according to the nonpartisan Congressional Budget Office.