Washington (CNN) The US budget deficit jumped 23.1% in the first nine months of the fiscal year compared with the same period a year ago, according to the US Treasury.

The deficit widened to $747.1 billion, versus $607 billion last year, from October through June. Federal spending rose to $3.36 trillion in that period, while revenue increased to $2.61 trillion -- both records.

The US has not had borrowing power since March, when the congressionally mandated debt ceiling kicked in, and independent analysts suggest the government could run out of money by September unless Congress can agree to allow additional borrowing.

A number of factors are driving the deficit increase, including the $1.5 trillion tax cuts signed by President Donald Trump in 2017 along with a massive spending package.

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