World Economy

US Monthly Deficit Widens to $122b

US Monthly Deficit Widens to $122bUS Monthly Deficit Widens to $122b

The federal government’s budget gap widened in October, the Treasury Department said on Thursday.

In October, the deficit was $122 billion, an increase of $31 billion, or 34 percent, from the same month a year ago. October is the first month of the 2015 fiscal year, MarketWatch reported.

A Treasury official said the October deficit would have been $84 billion, or $6 billion lower than the October 2013 shortfall of $91 billion, if not for calendar adjustments.

The government spent $334 billion in October, as outlays on defense, education and veterans programs climbed. Spending was 16 percent more than October last year.