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Record US October deficit
The U.S. budget deficit reached $404 billion in October, a record for the month and an increase of $120 billion, or 42%, from October of the previous year, as fiscal year 2027 began. Revenue fell 9% to $369 billion, while spending rose 12% to a record $773 billion. After calendar adjustments, the deficit was estimated at $285 billion, up 49% year over year. Higher spending was driven in part by agricultural relief and military outlays, while interest on the federal debt rose 11% to $115 billion.
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