OPEN APP
Home >News >World >US budget deficit jumps to $100 billion at start of fiscal year
In Donald Trump’s first full fiscal year that ended in September, the budget deficit grew to $779 billion, the highest level since 2012. Photo: AP
In Donald Trump’s first full fiscal year that ended in September, the budget deficit grew to $779 billion, the highest level since 2012. Photo: AP

US budget deficit jumps to $100 billion at start of fiscal year

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

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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
My Reads Redeem a Gift Card Logout