The U.S. budget deficit grew to $867 billion for the first 10 months of the fiscal year, an increase of 27 percent compared to this time in 2018, the Treasury Department reported Monday. The deficit for fiscal year 2018 was $779 billion. The fiscal year ends on September 30, and the White House's Office of Management and Budget predicts by that point, the deficit will reach $1 trillion for the year. Experts say the 2017 Republican tax plan, which included $1.5 trillion in tax cuts, is one reason why the deficit is growing so much. Spending is also up, and while tax revenue increased by 3 percent since October 1, federal spending is up 8 percent. Spending is only going to continue to increase, as a two-year budget deal signed into law by President Trump this month will raise spending by $320 billion.
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