October’s federal deficit hit $176.4 billion, far higher than the $150 billion expected, and the setting a record as the worst October deficit ever.
If you take the 304 million Americans reported via Google, this comes to $580 added to each person’s share of U.S. debt. In a month
Worse yet, America’s total deficit for fiscal year ending September 2009, was a record-smashing $1.42 trillion dollars. That’s $4,671 per person, in addition to October’s $580. In thirteen months.
Washington Post: October was the 13th straight month to show a monthly deficit — another record. It was the fifth-largest monthly deficit ever.
The imbalance in October came mostly from lower receipts of individual and corporate taxes. Receipts were $135.3 billion, a 17.9 per cent drop from a year ago. Spending dipped 2.7 per cent to $311.7 billion. Last October’s outlays were inflated by the $33 billion spent on the first round of financial bailouts at the peak of the financial crisis.
Economists worry that if such deficits continue it could push up interest rates, slowing the fragile economic recovery.