FILE - A copy of the $1.3 trillion spending bill is stacked on a table in the Diplomatic Room of the White House in Washington, March 23, 2018. The Congressional Budget Office said the debt will equal 78 percent of U.S. gross domestic product by the
FILE - A copy of the $1.3 trillion spending bill is stacked on a table in the Diplomatic Room of the White House in Washington, March 23, 2018. The Congressional Budget Office said the debt will equal 78 percent of U.S. gross domestic product by the

The U.S. federal deficit will reach $1 trillion by the end of the fiscal year, the nonpartisan Congressional Budget Office said Tuesday.

The CBO said in previous estimates that it did not expect to hit the milestone until 2020.

Spending rose by $222 billion, or 32 percent, in the first 11 months of fiscal 2018, compared with the same period last year.

In the current period, the deficit has reached $895 billion.

The CBO credited the surge to the new Republican tax law and increased government spending. Expenditures rose by 7 percent, while tax revenue rose by only 1 percent.