US budget deficit surges to $134.5 billion in October

News
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

WASHINGTON — The federal government began the new budget year with a deficit in October 33.8% larger than a year earlier.

That was after ending the 2019 budget year with the highest deficit in seven years.

The Treasury Department says the deficit last month totaled $134.5 billion, up from a shortfall in October 2018 of $100.5 billion.

The government ran up a deficit of $984.4 billion for the 2019 budget year, which ended Sept. 30, 26% larger than in 2018.

The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will remain over $1 trillion for the next decade. The country has not experienced $1 trillion annual deficits since 2009 through 2012 following the 2008 financial crisis.

Tracking Coronavirus

More Tracking Coronavirus

Popular

Latest

More News