$176.4 billion budget deficit for October
The flow of red ink continues:
October was another costly month for Uncle Sam. The Treasury Department reported on Thursday that federal coffers racked up a worse-than-expected deficit of $176.4 billion for the month.Get ready for higher interest rates as this keeps up. Remember, total budget deficits are expected be around $9 trillion from 2010 to 2019, according to the Congressional Budget Office and the White House.It was the 13th straight month of a reported monthly deficit. Treasury said it was the largest October deficit on record.
October is the first month of the government's fiscal year, and at this reading, the Treasury is estimating that the annual deficit will hit $1.5 trillion. That would top the $1.42 trillion registered for 2009, which was the highest annual deficit since 1945.
Interest paid on the debt in October was $22.8 billion - or 7% of federal outlays for the month.
