U.S. Budget Deficit Widened in October
November 13 2019 - 2:32PM
Dow Jones News
By Kate Davidson
WASHINGTON -- The U.S. government ran a $134 billion budget gap
in the first month of the fiscal year as federal spending outpaced
revenue growth, pushing the 12-month deficit past $1 trillion for
the first time since February 2013.
Federal outlays in October totaled $380 billion, an 8% increase
from a year earlier and a record for the month, driven by higher
spending on the military, health care and Social Security, the
Treasury Department said Wednesday.
Receipts last month totaled $246 billion, a 3% decline from last
year, which the Treasury attributed in large part to a shift in the
timing of certain payments.
If not for those calendar quirks, revenue would have grown 2% in
October from a year earlier, and the deficit would have widened 19%
in the first month of fiscal year 2020, the Treasury said.
Over the past 12 months, the government collected $3.4 trillion
in revenue and spent $4.4 trillion, bringing the total deficit to
just over a trillion dollars, or 4.8% of gross domestic
product.
Revenue from customs duties, or tariffs, increased 39% to $2
billion last month, reflecting the higher tariffs the Trump
administration has imposed in recent months. That was offset by a
decline in excise taxes, which a senior Treasury official
attributed part to a moratorium on a fee the government collects
from health-care providers under the Affordable Care Act.
Write to Kate Davidson at kate.davidson@wsj.com
(END) Dow Jones Newswires
November 13, 2019 14:17 ET (19:17 GMT)
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