The deficit is estimated to climb to $804 billion this year and $981 billion in fiscal 2019, hitting $1 trillion in 2020 and topping $1.5 trillion in 2028, the Congressional Budget Office said in a report Monday.

In their latest semiannual budget and economic outlook, CBO said debt held by the public will rise to $15.7 trillion in fiscal 2018 and continue to grow, hitting $28.7 trillion or 96 percent of the size of the economy in 2028.

The deficit in fiscal 2017, which ended Sept. 30, was $665 billion. In the agency’s previous budget outlook, released last June, CBO estimated the 2018 deficit would be $563 billion, rising to $689 billion in fiscal 2019. Trillion dollar deficits were not set to return until fiscal 2022 under last June’s assumptions.

Last year’s tax overhaul, the two-year budget deal that led to higher spending caps for this year and next and the $1.3 trillion fiscal 2018 omnibus spending bill are the main contributors to the worsening fiscal picture compared to last year. In addition, several rounds of supplemental appropriations for the relief effort after three major hurricanes in 2017 have contributed to the larger shortfall.

“Projected deficits over the 2018-2027 period have increased markedly since June 2017, when CBO issued its previous projections,” the report said, adding that the tax and spending bills have “significantly reduced revenues and increased outlays anticipated under current law.”