WASHINGTON (AP) — The federal government recorded a deficit of $100.5 billion in October, a big increase from a year ago that was primarily caused by quirks in the calendar.
The Treasury Department says the deficit shot up 59 percent from the same month a year ago. Last year's October deficit was smaller because the government paid $48 billion in benefits in September because Oct. 1 fell on the weekend.
The government has run a deficit in every October going back to the early 1950s. The new report begins a budget year in which the federal deficit is expected to soar above $1 trillion, reflecting in part the $1.5 trillion in tax cuts Congress approved last December.