The federal deficit rose 20 percent in the first 10 months of the 2018 fiscal year, reported the Congressional Budget Office Wednesday, The Hill reported.

Spending outpaced revenue between Oct. 1, the start of the 2018 fiscal year and July by $682 billion, $116 billion more than during the same period the previous fiscal year, the report said.

A bipartisan agreement to ramp up spending, as well as the tax cuts President Donald Trump signed into law, have resulted in the deficit increase, the CBO reported.

Tax revenues from individuals increased while revenues from corporate taxes declined, The Hill noted.

While the economy expanded in the second quarter by 4.1 percent, economists said that growth would need to be much larger to cut down the deficit, the report said.

The CBO projects the deficit reaching $793 billion by the end of 2018 and moving closer to $1 trillion in 2019, the report said.

The office said that in 30 years, the government would spend more money on servicing debt than on Social Security or defense, The Hill reported.

The Office of Management and Budget on July 17 predicted that the deficit would rise beyond $1 trillion in 2019.

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