The US recorded a $100.5 billion budget deficit in October, an increase of about 60% from a year earlier, as spending grew twice as fast as revenue. The deficit widened from $63.2 billion in the same month last year, the department said in an emailed statement on Tuesday.
October marks the start of the US fiscal year.
Receipts totaled $252.7 billion last month, up 7% from a year earlier, while outlays climbed 18% to $353.2 billion, according to the department.
A ballooning US budget shortfall—fuelled by tax cuts, spending hikes and an aging population—is driving the US treasury department to raise its long-term debt issuance. Waning support for US government debt from the US Federal Reserve, combined with President Donald Trump’s deficit-boosting tax cuts, are weighing on the debt load that he inherited from Barack Obama.
In Trump’s first full fiscal year that ended in September, the budget gap grew to $779 billion, the highest level since 2012.