Federal budget deficit running 11.8% higher this year

The country is on track to record its first $1 trillion deficit in eight years

The U.S. budget deficit through the first three months of this budget year is up 11.8 percent from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years.

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In its monthly budget report, the Treasury Department said Monday that the deficit from October through December totaled $356.6 billion, up from $318.9 billion for the same period last year.

Both government spending and revenues set records for the first three months of this budget year but spending rose at a faster clip than tax collections, pushing the deficit total up.

(AP Photo/LM Otero, File)

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The Congressional Budget Office is projecting that the deficit for the current 2020 budget year will hit $1 trillion and will remain over $1 trillion for the next decade. The country has not experienced $1 trillion annual deficits since the period from 2009 through 2012 following the 2008 financial crisis.