U.S. October Budget Deficit Jumps To $100.5 Billion

FILE- In this Oct. 26, 2018, file photo the rising sun silhouettes the U.S. Capitol dome at daybreak in Washington. The Treasury Department issues a report Tuesday, Nov. 13, on how much money Uncle Sam took in and paid out last month. (AP Photo/Alex Brandon, File)

WASHINGTON — The federal government recorded a deficit of $100.5 billion in October, a big increase from a year ago that was primarily caused by quirks in the calendar.

The Treasury Department says the deficit shot up 59 percent from the same month a year ago. Last year’s October deficit was smaller because the government paid $48 billion in benefits in September because Oct. 1 fell on the weekend.

The government has run a deficit in every October going back to the early 1950s. The new report begins a budget year in which the federal deficit is expected to soar above $1 trillion, reflecting in part the $1.5 trillion in tax cuts Congress approved last December.

By MARTIN CRUTSINGER - Nov 13. 2018 - 2:12 PM EDT
AP

 
 

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