Reuters reports:
The federal government reported a $146.9 billion deficit in March, causing annual debt to rise 15% for the first half of the budget year compared to the same period in 2018.
The Treasury Department said Wednesday in its monthly report that the fiscal year deficit has so far totaled $691 billion, up from nearly $600 billion in 2018. The Treasury Department expects that the deficit will exceed $1 trillion when the fiscal year ends in September.
The spike in the deficit is largely the result of the GOP tax plan, which was projected to add $1.9 trillion to the deficit over a decade, and bipartisan legislation to increase spending.