US deficit lower in October than it was last fiscal year
The federal government started the budget year with a smaller October deficit than a year ago, modest progress after three straight years of $1 trillion-plus deficits. The deficit for October, the first month of the 2012 budget year, totaled $98.5 billion, the Treasury Department said yesterday. That’s down from $140.4 billion in October 2010. Even with the improvement, the deficit remains extraordinarily high by historical standards and will keep pressure on lawmakers as they debate spending cuts and tax increases.