US federal budget deficit for October $-67 billion versus $65 billion expected

<ul><li>Federal budget deficit for October $-67 billion versus $-65 billion estimate</li><li>Last month $-171 billion</li><li>The fiscal 2023 deficit which ended September 30 was the largest outside the Covid 19 era and nearly $1.7 trillion</li><li>October deficit shrank by 24% to $67 billion compared to $88 billion a year earlier.</li><li>Federal revenues in October surged by 27% to a record $403 billion, mainly due to tax payments from states with extended deadlines due to natural disasters</li><li>Interest paid on national debt was $89 billion more than doubled in the past month.</li><li>Outlays increased by 16% to $470 billion, with a significant portion attributed to a $41 billion year-over-year increase in interest payments on the U.S. government's debt.</li><li>Interest costs have risen since March 2022, driven by the Federal Reserve's actions to combat inflation.</li><li>The average interest rate on outstanding Treasury securities increased to 3.05% from 2.19% in the previous October.</li><li>Interest on the debt was the second-largest expenditure in October, totaling $89 billion.</li><li>The fiscal 2023 deficit which ended September 30 was the largest outside the Covid 19 era and nearly $1.7 trillion</li></ul><p>Overall, the smaller deficit in October was driven by California and other states had their annual tax filing deadlines extended due to natural disasters. That largely accounted for the 70% increase in non-withholding taxes from individuals and a 170% increase in corporate tax receipts</p>

This article was written by Greg Michalowski at www.forexlive.com.