A mix of tax cuts and spending hikes has the federal deficit growing.

FOX's Jared Halpern has the latest figures from Capitol Hill:

The first five months of this fiscal year the deficit running below last year's pace, about $353 billion.

But both the Obama Administration and the non-partisan Congressional Budget Office predict that trend will not continue. The CBO see's the deficit jumping 24%. The administration's forecast is even worse...

The reason, a December budget deal increasing spending on some domestic programs sought by Democrats while permanently extending some tax cuts desired by Republicans.

Add to that rising costs for Social Security and Medicare and the deficit is expected to grow over the next decade.

At the Capitol, Jared Halpern, FOX News.