The federal budget deficit was about twice as large in October as it was in the same month a year ago, the U.S. Treasury Department announced Thursday.
The deficit totaled $284.1 billion in the first month of fiscal year 2021, compared to $134.5 billion in October the year before. Revenue was 3.2% lower on a year-over-year basis, and spending was 37.3% higher.
“The figures extend a rapid deterioration in the government’s fiscal position this year after lawmakers scrambled to shore up an economy that ground to a halt and depressed tax revenue because of the health crisis,” Bloomberg’s Vince Golle wrote. “In fiscal 2020, which ended last month, the U.S. amassed a record $3.1 trillion budget shortfall.”