The Congressional Budget Office (CBO) estimated in a report on Monday that the federal government racked up a deficit of $127 billion last month.

The CBO estimated the federal budget deficit reached $838 billion in the last four months, which is $306 billion more than the same time frame a year before, as outlays climbed 15 percent.

The agency projected a 6 percent increase in outlays for the nation’s biggest mandatory spending programs in the four-month stretch, with Medicaid outlays rising by $17........

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