October Budget Deficit $49B; U.S. Reported Deficit Every Oct. Since 1954

U.S. federal deficit for October totaled $49.3 billion, up 4.3% from  $47.3 billion a year ago, according to The Treasury Department. U.S.  government has run a deficit every year in October since 1954. The all-time October high of $70 billion set in 2003. 
  • Revenues for October were up 12.2% from last year to a record $167.7 billion, surpassing the old October record of $157 billion set in 2001.
  • Spending for October was up 10.3% from a year ago to a record for October of $217 billion.

The budget deficit for the full 2006 budget year, which ended on Sept. 30, dropped to a four-year low of $248.2 billion. While the administration is estimating the deficit for the current budget year at $339.2 billion, an increase of 36.7% from 2006, the Congressional Budget Office is projecting a smaller increase and a full year deficit of $286 billion.

Bush has presided over the three largest deficits in U.S. history in dollar terms including the all-time high of $413 billion in 2004. (AP)

Summary of Receipts and Outlays of U.S. Government

Classification

October 2006 ($ million)

RECEIPTS

167,693

Individual income taxes

86,217

Corporation income taxes

9,353

Social insurance and retirement receipts:

 

  Employment and general retirement

57,160

  Unemployment insurance

2,159

  Other retirement

334

Excise taxes 

4,215

Estate and gift taxes

2,313

Customs duties 

2,457

Miscellaneous receipts 

3,484

NET OUTLAYS

216,984

National defense

51,201

International affairs

2,293

General science, space, and technology

1,025

Energy 

−52

Natural resources and environment

2,138

Agriculture

9,055

Commerce and housing credit

−493

Transportation

6,487

Community and regional development

2,887

Education, training, employment and social services

7,945

Health

22,342

Medicare

33,966

Income security

23,297

Social security

46,712

Veterans benefits and services

3,400

Administration of justice

2,962

General government

1,524

Net interest

18,946

Undistributed offsetting receipts 

−18,650

Source: U.S. Treasury Department, Nov 2006

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