In July alone, the deficit was an eye-watering $76.9 billion according to the Federal Government, due to high military spending.
This is not unusual for the time of year as there have only been two years out of the last 64 where there wasn’t a deficit in July.
Trump’s tax cuts to the wealthy and big corporations have also faced some of the blame for the rising deficit with less government income.
The White House has now predicted the annual deficit will go beyond the one trillion dollar mark for the first time since 2013.
This will be another blow for the US president who is already scoring low in the opinion polls despite some positive economic growth.
In the first ten months of the 2018 fiscal year, the deficit increased by almost 21 percent on the same period for the previous year as it reached $684 billion.
According to Cnbc.com, the rise can be heavily attributed to the tax revisions introduced by Trump in December 2017.
The changes in the taxation system have resulted in big reductions as large corporations are paying less tax.
Corporate tax incomes are $55 billion which is 20 percent less than last year.
So far in 2018, US government revenue has only increased by one percent.
Alongside the tax deductions, government spending has also risen.
It has increased by 4.4 percent, which is particularly due to the higher spending of the military as Trump aims to show his support for Veterans.
Congress is now struggling to finance the significant national debt that has extortionate interest rate levels.
According to marketwatch.com interest payments on US national debt rose by a massive 41 percent leading to concerns over whether this can be sustained.
The national debt significantly increased as the interest amounted to $59 billion
Analysts believe that the 2018 deficit will be around 19 percent larger than it was in 2017.