The US Recorded A $100.5B Budget Deficit In October, A 60% Increase From LY

U.S. Air Force photo by Senior Airman Alexander Cook

Bloomberg reported that "spending grew twice as fast as revenue" last month, leading to a 60% increase over last year.

The federal budget deficit for October ballooned to $100.5 billion, according to the Treasury Department — a 60 percent increase over the same month last year.

Via Bloomberg:

> The deficit widened from $63.2 billion in the same month last year, the department said in an emailed statement on Tuesday. October marks the start of the U.S. fiscal year.

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> Receipts totaled $252.7 billion last month, up 7 percent from a year earlier, while outlays climbed 18 percent to $353.2 billion, according to the department.

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> A ballooning U.S. budget shortfall -- fueled by tax cuts, spending hikes and an aging population -- is driving the Treasury Department to raise its long-term debt issuance. Waning support for U.S. government debt from the Fed, combined with President Donald Trump’s deficit-boosting tax cuts, are weighing on the debt load that he inherited from Barack Obama.

More here.

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