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US budget deficit widens to 6-year high of $779B in fiscal 2018

The U.S. federal government posted its biggest budget deficit in six years as spending increased in fiscal year 2018, the Treasury Department reported.

The budget deficit widened to $779.00 billion in the fiscal year that ended in September from $665.83 billion in the previous fiscal year.

Government outlays climbed to $4.108 trillion in fiscal year 2018 from $3.981 trillion a year earlier, with defense spending increasing to $600.71 billion from $568.91 billion.

Federal revenues rose to $3.329 trillion from $3.315 trillion in fiscal year 2017, as corporate income tax receipts fell to $204.73 billion from $297.05 billion. Revenues from individual income taxes rose to $1.684 trillion from $1.587 trillion.

The shortfall was the biggest since fiscal year 2012, when the government posted a shortfall of $1.089 trillion.

In September, the government ran a monthly budget surplus of $119.12 billion, topping Econoday's forecast of a $77.5 billion surplus and following a $214.15 billion deficit in August.