The Wall Street Journal is reporting that the U.S. budget gap grew 34% in the first month of the fiscal year.

Federal spending outpaced revenue growth, which pushed the 12-month deficit past $1 trillion for the first time since February 2013.

Last month, government spending increased 8% to $380 billion compared to a year earlier as federal outlays rose for defense, education, health, and Social Security.

Source: https://www.wsj.com/articles/u-s-budget-deficit-widened-in-october-11573671728