The U.S. fiscal deficit has already exceeded last year's total.
Bloomberg reports in the first 10 months of fiscal year 2019, the deficit gap grew to $866.8 billion — up 27% from the same time last year.
The change is reportedly due to Republican tax cuts, more federal spending and an aging population.
The Treasury Department projects the deficit could exceed $1 trillion this fiscal year. And the Congressional Budget Office says the annual deficit is likely to exceed that number in 2022 and beyond.
