Washington: The US budget deficit rose 22 percent in October from a year ago, to $120.0 billion, as spending outpaced revenues, Treasury Department data released Tuesday showed.
Spending jumped 16 percent to $304.3 billion, while revenue rose 13 percent to $184.3 billion last month, the Treasury said.
October, the first month of the federal government’s fiscal year, typically runs a deficit.
But the budget gap was far wider than the average analyst estimate of $113.0 billion.
In fiscal 2012 that ended on September 30, the United States trimmed its deficit to $1.1 trillion, or 7.0 percent of gross domestic product, a broad measure of the economy’s goods and services activity.
For the current fiscal year the Obama administration’s budget is aimed at reducing the deficit to below $1.0 trillion for the first time in five years.
The White House has targeted a gap of $991 billion, or 6.1 percent of GDP.
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