WASHINGTON — The federal government ran a $119.9 billion budget deficit in October after posting a $75.2 billion surplus the previous month, the Treasury Department reported Tuesday.

The October deficit was greater than the $114 billion shortfall projected by economists polled by Thomson Reuters, and surpassed the $98.5 billion deficit in October 2011. However, adjustments made to factor in two extra business days in October 2012 vs. 2011 and a shift of recurring benefit payments into September last year means the year-over-year total is nearly flat, according to the Treasury.

In September, the government ran a $75.2 billion surplus to finish fiscal year 2012 with a $1.1 trillion deficit.

October outlays totaled $304.3 billion, a 16% increase from $261.5 billion in October 2011. Receipts were $184.3 billion, a 13% bump from $163.1 billion a year ago.

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