Investing

October 2012, Another $100+ Billion Government Budget Deficit

thinkstock
The federal budget deficit widened out nominally in October and was wider than expectations for the first month of the government’s fiscal year. A monthly report from the Treasury Department showed that October’s deficit was $120 billion. This deficit was “only” about $98.5 billion in October of 2011. Bloomberg and Dow Jones both had consensus estimates of $113 billion or so for the month.

Spending rose to $304.31 billion versus $261.54 billion a year ago, with income from individuals coming in at $102.04 billion versus $86.75 billion a year ago. Corporate income tax was down to $1.62 billion from $2.47 billion a year ago.

On an annualized basis the fiscal 2012 deficit was over $1 trillion for the fourth year in a row. With the first month at such a wide deficit, the only thing which may prevent the budget from remaining above $1 trillion in 2013 is the coming Fiscal Cliff. As of the latest projection, the White House came up with a budget deficit about $990 billion for 2013.

JON C. OGG

Credit card companies are handing out rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.