Federal Government Began New Budget Year with a Sharp Deficit Increase
Tuesday, November 14th, 2017 -- 7:59 AM
(AP) -The federal government began its new budget year with an October deficit of $63.2 billion, up sharply from a year ago.The Treasury Department says the October deficit was 37.9 percent higher than the $45.8 billion deficit recorded in October 2016. Both government receipts and spending were up for the month with receipts climbing 14.3 percent to $235.3 billion, a record for the month of October. The larger spending figure was up a sizable 11.6 percent to $298.6 billion.
The deficit for the 2017 budget year, which ended on Sept. 30, totaled $666 billion, up 13.7 percent from a 2016 deficit of $586 billion. Many forecasters believe the deficit will rise higher in the current budget year, reflecting the impact of proposed tax cuts Congress is considering and hurricane relief.
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