The Treasury said the adjusted deficit would have been US$285 billion, an increase of US$94 billion, or 49%, from the year-ago period. (Reuters pic)WASHINGTON: The US government started the 2027 fiscal year with a US$404 billion budget deficit for October, a record for the month and US$120 billion, or 42%, higher than the year-earlier period, as receipts shrank and outlays grew sharply, the Treasury Department said on Thursday.
October receipts fell by US$35 billion, or 9%, to US$369 billion, due partly to lower net customs duty collections. Individual non-withheld taxes were US$29 billion, or 36%, lower than year-ago levels, which were swelled by tax filing deadlines delayed for Californians affected by the 2025 wildfires.
