The numbers: The U.S. recorded a $779 billion deficit in the fiscal year ending Sept. 30, an increase of $113 billion, as spending climbed while revenue remained nearly flat, the Treasury Department announced Monday.
Outlays grew by $127 billion, or 3.2%, while government receipts rose 0.4%, or $14 billion.
Compared to GDP, the deficit rose to 3.9%, up by 0.4 percentage points to reach the highest level since fiscal 2012.
In September alone, the U.S. recorded a surplus of $119.1 billion. The U.S. typically records a surplus in September owing to estimated individual and corporate income tax payments made during the month, and this one was especially large due to the timing of some payments that otherwise would have been due on a weekend or a holiday.