The federal budget deficit over the first four months of fiscal year 2020 totaled $389 billion, up more than 25% from the same period last year, according to data released Wednesday by the Treasury Department.
Spending has risen by 10% while revenues have grown by 6.1%.
The deficit over the past 12 months reached $1.06 trillion.
The Treasury estimates that the deficit will top $1 trillion this year for the first time since 2012, when the economy was still recovering from the Great Recession.