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Federal Deficit Narrowed in October, Ahead of Debt-Ceiling Debate
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The federal government ran a $165 billion deficit during October, a smaller gap when compared with a year earlier, as the government took in higher revenue from taxes and other receipts and pulled back on spending.
Government receipts rose by 19% from a year earlier to $284 billion, not adjusting for calendar differences, the Treasury Department reported Wednesday. That was a record amount of receipts for the month of October, Treasury officials said.
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