The federal government ran a nearly $92 billion budget deficit in October, the first month of the 2014 fiscal year, the U.S. Treasury Department reported Wednesday. Spending totaled almost $291 billion while tax receipts came in at nearly $199 billion.
Last month’s deficit is smaller than the nearly $120 billion gap between spending and revenue that the federal government posted in October 2012, the first month of the 2013 fiscal year.
For the full 2013 fiscal year, completed on Sept. 30, the United States ran a $680 billion budget deficit, down from $1.1 trillion in 2012. It was the first time in five years that the U.S. deficit was under $1 trillion.
(Sponsored)
Don’t Take the Bait: Phishing Scams to Avoid
Americans lost $8.8 billion to phishing and other fraud in 2022, according to the Federal Trade Commission, with financial fraud increasing over 30% from 2021. Every day, thousands of people
Financial Inclusion through Affordable and Safe Banking Products
Financial inclusion is the accessibility of useful and affordable financial products and services to all individuals and businesses. Financial institutions have made strides in advancing these practices, most recently in
Taxes on the wealthy increased at the start of 2013 and a 2 percent payroll tax cut on all workers expired at the same time. Meanwhile, the budget sequester has capped spending, at least temporarily.
Contact Rombel at arombel@cnybj.com