Friday, November 13, 2009

October Deficit is $176.36 Billion

The deficit for October clocked in at a record $176.36 Billion. That is larger than was predicted/expected. Just to reiterate, that is the deficit for one month, not an entire year.

"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.
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.

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