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The United States began fiscal year 2027 with a record October deficit of $404 billion, up $120 billion, or 42%, from the same month last year, as revenues fell to $369 billion and spending rose to $773 billion. Even after excluding the effect of advancing some payments, the deficit was $285 billion, up 49% year over year, with military spending rising 30%, alongside increases in agricultural relief payments and interest on the debt, which reached $115 billion. This followed a deficit of nearly $2 trillion in fiscal year 2026, equivalent to 6.2% of GDP, while federal debt held by the public reached the equivalent of 100% of GDP.
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