The U.S. federal budget deficit more than doubled in October from a year earlier, reflecting a decline in revenue and increased spending tied to the government efforts to contain the economic damage from the coronavirus.
The $284.1 billion shortfall in the first month of fiscal 2021 compared with a $134.5 billion gap in October 2019, Treasury Department figures showed Thursday. Revenue decreased 3.2% and spending jumped 37.3% from a year ago.
The figures extend a rapid deterioration in the government's fiscal position this year after lawmakers scrambled to shore up an economy that ground to a halt and depressed tax revenue because of the health crisis. In fiscal 2020, which ended last month, the U.S. amassed a record $3.1 trillion budget shortfall.
