Getting your player ready...
WASHINGTON — The federal government kicked off its fiscal 2010 by posting its largest-ever October budget deficit — $176.36 billion — the Treasury Department said Thursday.
The figure is more than $20 billion higher than the shortfall recorded in October 2008, driven up by lower tax receipts, stimulus-related revenue reductions and consistently high government outlays — and the equivalent of 9.9 percent of gross domestic product.
Treasury’s monthly budget statement shows receipts were $135.33 billion in October, down 18 percent from a year earlier and at the lowest level since October 2002.
Meanwhile, outlays were $311.69 billion, down 3 percent from a year earlier and at their second-highest monthly level on record.
