Congressional Budget Office auditors expect the annual deficit to hit $590 billion this fiscal year, $56 billion more than expected.

"In large part, that increase stems from lower-than-expected revenues," the CBO explained in a Friday announcement.

National security fears and the presidential election have dominated the political discourse over the past year, but that uptick marks a sharp increase from the 2015 fiscal year, when the deficit fell to $439 billion.

"The CBO is again exposing how Washington's financial irresponsibility threatens our ability to fund our national priorities," Georgia Republican Sen. David Perdue, a member of the Senate Budget Committee, told the Washington Examiner. "Right now, our country cannot afford everything it is doing."

The deficit rose faster than expected in part because the CBO misjudged the amount of tax revenue that would be paid by corporations. "Corporate income taxes in the first 10 months of the fiscal year were $36 billion (or 14 percent) lower than they were during the same period last year," the CBO said.

Tax estimates contributed to the change in projections, but much of the increase in the deficit was driven by spending. "[O]utlays for the first 10 months of this fiscal year were $55 billion (or 2 percent) higher than they were during the same period last year," according to the report. "If not for the shift of certain payments from August 2015 to July 2015 because August 1 fell on a weekend last year, outlays would have been $99 billion (or 3 percent) larger so far this year."