US October Budget Deficit Widens 42% to Record $404 Billion
Summary
- The US said its October federal budget deficit widened 42% from a year earlier to $404 billion, the largest ever for the month of October.
- During the same period, government spending rose to $773 billion while government receipts fell to $369 billion, widening the budget gap.
- October tariff revenue fell 39% from a year earlier to $19.22 billion, contributing to the wider deficit.
Forecast Trend Report by Period
The US federal government posted a $404 billion budget deficit in October, up 42% from a year earlier. Both the deficit and government spending reached record highs for the month of October.
According to the US Treasury Department on Nov. 12, the October federal budget deficit totaled $404 billion, up $120 billion from $284 billion in the same month last year.
Government spending rose to a record $773 billion for October from $689 billion a year earlier. Government receipts, meanwhile, fell to $369 billion from $404 billion.
Tariff revenue also declined sharply. October tariff revenue fell 39% from a year earlier to $19.22 billion from $31.35 billion.
The wider deficit came as government spending increased while tax receipts and tariff revenue declined.
JH Kim
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