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U.S. President Donald Trump holds an event celebrating the Republican tax cut plan in the East Room of the White House in Washington, D.C., on Friday, June 29, 2018. (Photo by Cheriss May/NurPhoto via Getty Images)

A new report from the nonpartisan Congressional Budget Office indicates that the federal deficit has increased to $895 billion 11 months into the 2018 fiscal year (which ends on September 30), a $222 billion increase over the deficit this time last year.

According to Think Progress, that puts us on track to hit $1 trillion by the end of the fiscal year, two years earlier than expected.

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