The deficit was the largest since 2012, as the US was emerging from the Great Recession, according to the Treasury Department data.
"This fiscal picture is a blunt warning to Congress of the dire consequences of irresponsible and unnecessary spending," Office of Management and Budget (OMB) Director Mulvaney said in the release. "The President’s FY [fiscal year] 2019 budget presented a clear roadmap to solving this fiscal nightmare that has been exacerbated by Congress’s continual unwillingness to restrain spending."
Analysts attributed the meager $24 billion revenue increase to Republican-backed package of individual and corporate tax cuts.
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During the same period, government spending rose $127 billion to $4.108 trillion, the release explained.
Mulvaney predicted that future economic growth will boost government revenues — an important step toward long-term fiscal sustainability.
Treasury predicted that the 2019 budget deficit would increase to $833 billion in fiscal year 2019.
