U.S. runs December budget deficit of $23 billion, Treasury says

AFP/Getty ImagesThe Treasury Department says the U.S. budget deficit is up 7% for the fiscal year to date.

The numbers: The federal government ran a budget deficit of $23 billion in December, according to the Treasury Department, down $4 billion from the same month a year ago. Spending rose by $2 billion to $349 billion, while revenues climbed by $7 billion to $326 billion in the month.

What happened: Homeland Security spending rose by $2 billion, or 39%, which the Congressional Budget Office attributed largely to disaster relief. There was also a 10% jump in individual withheld and payroll taxes, which the CBO attributed to increases in wages and salaries. At the same time, the government got $2 billion less in payments from Fannie Mae FNMA, -1.87% and Freddie Mac FMCC, -1.90% in December.

Big picture: The figures come as lawmakers are attempting to strike a deal to keep the government operating past Jan. 19, and also follow President Donald Trump's signing of a $1.5 trillion tax cut into law on Dec. 22. Compared to the first three months of the prior fiscal year, the deficit is growing. It's up 7% so far in fiscal 2018.

The government's budget year runs from October through September.