(AP NEWS) – The U.S. budget deficit increased by $140 billion during the first nine months of this budget year to $747.1 billion as government revenues and spending both hit records.

The Treasury Department reported Thursday that the deficit for the current fiscal year through June is up 23.1 percent over the same period a year ago with receipts rising by 2.7 percent while spending increased 6.6 percent.

The Trump administration is forecasting that the deficit for the full budget year, which ends on Sept. 30, will top $1 trillion, up from a deficit of $779 billion last year.

The Congressional Budget Office is not quite so pessimistic for this year, forecasting a deficit of $896 billion this year. But the CBO projects that deficits will top $1 trillion beginning in 2022 and will remain above $1 trillion annually through 2029.

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