WASHINGTON - The federal government posted a $176.4 billion budget deficit in October, the largest October deficit and fifth largest monthly deficit on record, the Treasury Department reported today.
The federal government has now posted a deficit for a record 13 consecutive months.
Economists polled by Thomson Reuters expected a $150 billion budget deficit for October. The government’s 2010 fiscal year began Oct. 1.
The government had a $1.417 trillion deficit in fiscal 2009.
The government’s receipts totaled $135.328 million, the lowest monthly total since October 2002 and an 18% decline from October 2008. October is not a significant month for personal or corporate income taxes, a Treasury official said.
Government outlays totaled $311.692 billion for the month. The Treasury spent $175 million from the Troubled Asset Relief Program in October.
The budget deficit for September was revised to $46.570 billion from $46.605 billion.
