The federal deficit rose to $747 billion over the past nine months, a 23 percent increase compared to the same period in the previous fiscal year, according to Treasury figures released Thursday.
The Treasury Department said in the same report that the deficit is expected to exceed $1 trillion by Sept. 30, the end of the fiscal year.
Revenue was up 2.5 percent, failing to keep pace with the 6.6 percent rise in outlays.
While the largest spending categories remained Social Security, defense, Medicare and health, the sixth-highest expenditure was for servicing the debt.
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WNU Editor: One day there will be a reckoning for this insanity. I just hope that I am not around when that day happens.
$3,355,970,000,000: Federal Spending Sets Record Through June; Deficit Hits $747,115,000,000 — CNS
US budget deficit jumps 23.1% over last year as debt crisis looms — CNN
US budget deficit jumps 23% through June — AP