Deficit is higher than the $130 billion estimate
the US monthly budget statement is showing a deficit in the month of October of $134.5 billion. That is higher than the -$130 billion estimate.
- A year ago the deficit for the month of October was $-100.5 billion
- receipts fell -2.8% year on year to $245.5 billion
- outlays rose 7.6% year on year to $380 billion
- the treasury received $5.2 billion last month and $5.2 billion year to date in deposits of earnings by Federal Reserve banks (it was month 1 of the US fiscal year). That compared to $4.541 billion in October of last year
The deficit is not a good trend. Federal Reserve chair Powell commented about it in his testimony saying that he cannot be sustained and that it may inhibit fiscal policy should the economy go into a downturn.
