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U.S. runs wider fiscal deficit in October
Last Updated: 2017-11-14 09:34 | Xinhua
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U.S. federal government ran a fiscal deficit of 63 billion U.S. dollars in October, the first month of the fiscal year 2018, the latest data from the Treasury Department showed on Monday.

The deficit was larger than the 45.8 billion dollars in October 2016. The Treasury Department said that the wider deficit was due to increases in spending for veterans' benefits, Medicare payments and military active duty and retirement.

The government outlays in October rose to 298.6 billion dollars from 267.5 billion dollars in the same month of last year.

Revenues grew to 235.3 billion dollars from 221.7 billion dollars a year earlier.

U.S. Congress in October passed the budget resolution for fiscal year 2018, which calls for big cuts in healthcare spending.

According to forecast by the Congressional Budget Office, the U.S. budget deficits will continue to rise over the next decade. The deficit will reach 5.2 percent of GDP in 2027 from the estimated 2.8 percent of GDP in 2018. Enditem

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