The federal government kicked off fiscal year 2010 by posting its widest-ever October budget deficit, the Treasury Department said Thursday.
The $176.36 billion gap is more than $20 billion wider than the shortfall recorded in October 2008, driven up by lower tax receipts, stimulus-related revenue reductions and consistently high government outlays.
Treasury’s monthly budget statement shows receipts were $135.33 billion in October, down 18% from a year earlier and at the lowest level since October 2002. Meanwhile, outlays were $311.69 billion, down 3% from a year earlier and at their second-highest monthly level on record.
The October deficit figure is wider than the Congressional Budget Office’s estimate for a $175 billion deficit in the month and wider than the $165.9 billion expected by analysts surveyed by Dow Jones Newswires.
The Treasury on Thursday also revised September’s deficit to a slightly narrower $46.57 billion, from a previously reported $46.61 billion. Even with the revision, the U.S. in fiscal year 2009 posted a record total budget deficit of near $1.4 trillion — three times its previous record.
At the equivalent of 9.9% of gross domestic product, the figure is the widest U.S. deficit as a share of GDP since 1945.
Source/Full Story:: WSJ.com
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[...] 13, 2009 — U.S. Posts $176.36 Billion Deficit for OctoberThe federal government kicked off fiscal year 2010 by posting its widest-ever October budget [...]
[...] 13, 2009 — U.S. Posts $176.36 Billion Deficit for OctoberThe federal government kicked off fiscal year 2010 by posting its widest-ever October budget [...]