Budget Deficit in U.S. Narrows on Record Revenue for October
By Ian Katz - Nov 13, 2013 3:31 PM ET .
The U.S. budget deficit last month narrowed more than economists forecast as rising employment contributed to the strongest October revenue on record.
Spending exceeded receipts by $91.6 billion last month, compared with a $120 billion shortfall in October 2012, the U.S. Treasury Department said today in Washington. The median estimate in a Bloomberg survey of 16 economists was for a $102 billion deficit last month. Monthly revenue jumped about 8 percent from a year earlier while outlays dropped 4.5 percent, the report showed.
Stronger hiring has helped reduce the country’s deficit as a share of gross domestic product by more than half in the past four years, narrowing it from a record $1.42 trillion in 2009. The Treasury last month said the shortfall in the 12 months ended Sept. 30 was 4.1 percent of GDP, and the Congressional Budget Office has projected it will decline to 3.3 percent of the economy this fiscal year and 2.1 percent in 2015.
“I expect the deficit to continue to shrink both in absolute terms and as a share of the economy,” said Joseph Lavorgna, chief U.S. economist for Deutsche Bank Securities Inc.
Today’s report showed revenue increased to $198.9 billion last month from $184.3 billion in October 2012. Spending totaled $290.5 billion compared with $304.3 billion a year earlier, it showed.
more:
http://www.bloomberg.com/news/2013-11-13/budget-deficit-in-u-s-narrows-on-record-revenue-for-october.html?alcmpid=breakingnews
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