The numbers: The federal government ran a monthly budget deficit of $77 billion in July, up 79% over the same month a year ago. For the first 10 months of fiscal 2018, the shortfall totals $684 billion, according to the Treasury Department. That’s an increase of 21% compared to the same period in 2017.

What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law. Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate. And individuals continued to send fewer tax dollars to the Treasury, after lower withholding from paychecks took effect in February. President Donald Trump signed the law in December.