Annual US budget deficit hits $779 bn, highest since 2012: US Treasury

The US budget deficit hit $779 billion in the fiscal year ending September 30, the highest since 2012 and $113 billion more than in the prior year, the Treasury announced Monday.Receipts increased slightly, in part due to higher tax payments, especially from individuals, which were offset by "lower net corporation income tax receipts," Treasury said in a statement.Outlays rose $127 billion, with the biggest increase from the Treasury Department, largely due to debt servicing costs.