The federal government posted a $1.8 trillion budget deficit during the fiscal year that ended on September 30, despite an increase in tax revenue, thanks to higher spending and the rapid growth of interest costs tied to the $35.6 trillion national debt.
The only good news contained in the Congressional Budget Office's latest revenue report is that the federal budget deficit did not get significantly worse during the most recent fiscal year. The deficit increased by a mere $139 billion when compared to the previous year.
