The federal budget deficit grew to $747 billion in the first nine months of the 2019 fiscal year, a 23% increase over the same period a year earlier, the U.S. Treasury said Thursday.

The deficit is rising in the wake of the Republican tax cuts, which will add about $1.9 trillion to the national debt over a decade, and higher spending by Congress. In fiscal year 2019, spending has grown by 6.6% but revenues have grown by just 2.7%, despite relatively strong economic growth.

President Trump’s trade war provided a small boost to revenues, with tariff collections nearly doubling to about $50 billion. But custom duties account for a small share of revenues overall.

The Treasury estimated that the deficit for the full fiscal year will exceed $1 trillion.