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    Federal Deficit Jumps 17 Percent As Tax Cuts Eat Into Government Revenue

    The federal deficit ballooned to $779 billion in the fiscal year just ended — a remarkable tide of red ink for a country not mired in recession or war.
    by Scott Horsley Oct 16, 2018 2 minutes
    Treasury Building in Washington, D.C. The trend toward rising red ink was widely anticipated, given the GOP tax cuts and other government policies, including the president's demand for beefed-up military spending.

    Updated at 1:27 p.m. ET

    The federal deficit ballooned to $779 billion in the just-ended fiscal year — a remarkable tide of red ink for a country not mired in recession or war.

    The government is expected to borrow more than a trillion dollars in the coming year, in part to make up for tax receipts that have been slashed by GOP

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