The federal deficit nearly tripled, raising concern about the country's finances

The U.S. budget deficit ballooned in the first nine months of its fiscal year, both because of a sharp increase in government spending and a significant drop in tax revenues. (Andy Jacobsohn/AFP via Getty Images)

The federal government's deficit nearly tripled in the first nine months of the fiscal year, a surge that's bound to raise concerns about the country's rising debt levels.

The Treasury Department said Thursday that the budget gap from October through June was nearly $1.4 trillion — a 170% increase from the same period a year earlier. The federal government operates under a fiscal year that begins October 1.