Updated at 4 p.m. ET
The federal deficit ballooned to $779 billion in the just-ended fiscal year — a remarkable tide of red ink for a country not mired in recession or war.
The government is expected to borrow more than a trillion dollars in the coming year, in part to make up for tax receipts that have been slashed by GOP tax cuts.
Corporate tax collections fell by 31 percent in the fiscal year ending Sept. 30, despite robust corporate profits. That's hardly surprising after lawmakers cut the corporate tax rate from 35 percent to 21.