U.S. Budget Deficit Widened in October, Treasury Says
November 13 2018 - 2:35PM
Dow Jones News
By Kate Davidson
WASHINGTON -- The federal government started its new fiscal year
much as it ended the last one -- with spending up and revenues
lagging behind the broader economy.
The U.S. Treasury Department said Tuesday the government ran a
$100 billion deficit last month, compared with a $63 billion budget
gap in October 2017, as spending growth outpaced revenue growth. As
a share of gross domestic product, the deficit totaled 4%.
Treasury said federal outlays rose 18% in the first month of the
2019 fiscal year compared with a year earlier, in large part
because of higher spending on Medicare, national defense and
interest payments on the debt.
The Treasury said government receipts rose 7% in September
compared with September 2017, but were only 0.5% of gross domestic
product, even as economic output has ramped up this year.
Write to Kate Davidson at kate.davidson@wsj.com
(END) Dow Jones Newswires
November 13, 2018 14:20 ET (19:20 GMT)
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