U.S. Deficit Balloons 20% in 2020

Washington is paying out so much more money than it's taking in, according to new figures released Wednesday.

Treasury Department data says the U.S. government already racking up a budget deficit that is averaging close to $100 billion a month in the current fiscal year.

The numbers show the shortfall at $389.2 billion in the first four months of fiscal 2020, or a 25% gain over the same period in the previous year and already about 40% of the total deficit for fiscal 2019.

Over the past 12 months, the government has spent $1.06 trillion more than it has taken in. All the red ink has bought the total national debt to $23.3 trillion.

Receipts actually are on the rise comparatively, coming in at $1.18 trillion through January compared to $1.1 trillion for the same period in the prior fiscal year.