U.S. budget deficit surges to $134.5 billion in October
The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record.
U.S. budget deficit hits $984 billion, highest in 7 years
The surge reflected such factors as revenue lost from the 2017 Trump tax cut and a budget deal that added billions in spending for military and domestic programs.
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The Treasury Department said Wednesday that the budget deficit from October through December totals $318.9 billion, up from a deficit of $225 billion for the same three months in the previous year.
Corporations paid $205 billion in taxes during fiscal year 2018, $92 billion less than the year before.
The Treasury Department said Monday that the deficit climbed $113 billion from fiscal year 2017.
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