The federal deficit rose 20 percent in the first 10 months of the 2018 fiscal year as a result of President Trump’s and GOP lawmakers’ tax cuts and spending plans, the Congressional Budget Office said Wednesday.

Spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than over the same period during the last fiscal year, The Hill reported.

While federal spending soared, tax revenues from individuals rose but taxes collected from corporations tanked as Trump’s tax cuts took effect at the beginning of the year.

Team Trump had argued that the tax cuts would pay for themselves and reduce the deficit, as economic growth led to higher tax revenues, and the economy did expand by 4.1 percent in the second quarter.

But economists agreed that the growth would have to be far higher to slash the deficit significantly.

The nonpartisan CBO estimated that the deficit would climb to $793 billion by the end of the year and near $1 trillion in 2019.