US budget deficit eases to $165B in October, down 42%
The U.S. monthly budget deficit fell in October as the government collected more taxes from individuals and corporations thanks to a much improved economy emerging from the coronavirus pandemic. The Treasury Department reported Wednesday that the federal government posted a deficit of $165 billion last month, 42% lower than the same month last year when it rang up a record October deficit of $284.1 billion.
Last year revenues declined while spending to deal with the impact of the coronavirus soared.
In the 2021 budget year that ended on Sept. 30, the deficit totaled $2.77 trillion, the second highest on record behind 2020.