WASHINGTON — The U.S. government’s budget deficit increased by $169 billion to $1.07 trillion in the first 11 months of this budget year as spending grew faster than tax collections.

The Treasury Department reported Thursday that the deficit with just one month left in the budget year is up 18.8 percent over the same period a year ago.

Budget experts project a surplus for September, which would push the total 2019 deficit down slightly below the $1 trillion mark. The Congressional Budget Office is forecasting a deficit this year of $960 billion, compared to a 2018 deficit of $779 billion.

Going forward, the CBO sees the annual deficit topping $1 trillion in 2020.

The government has only recorded trillion-dollar-plus deficits in one other period, during the four years 2009 through 2012.

The higher deficits reflecting two budget agreements in 2018 and this year between the Trump administration and Congress that added billions of dollars in extra spending for the military and domestic programs.

Social Security and Medicare payments are surging as millions of baby boomers retire.