Budget deficit soars to $120 billion in October
We’re starting the year right where we left off — in the red. After four consecutive years of $1 trillion budget deficits, the Treasury Department announced that the budget deficit for the first month of the 2013 fiscal year was $120 billion:
The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.
Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.
The budget deficit for FY 2013 is expected to be just below $1 trillion, which still isn’t very encouraging. The national debt currently stands at $16.244 trillion dollars, up by $5.619 trillion since Barack Obama took office. This is the same guy who promised a net-spending cut in his first term and called his predecessor, who was horrible on spending, “unpatriotic” because he ran the national debt up by $4 trillion in eight years.