The US begins fiscal year 2027 with a deficit of $404 billion.
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🔹 According to the US Treasury Department, this occurred when revenues fell to $369 billion, while spending in October reached a record $773 billion. The deficit increased by 120 billion dollars, or 42% more than in October last year.
🔹 The spike in spending was due to payments related to agricultural subsidies and higher military spending, including overdue debt settlement from last year's government shutdown, as well as operating, maintenance and procurement costs. In addition, interest payments on the federal debt rose to $115 billion.
🔹 On the other hand, revenues recorded a slight decrease, mainly due to the reduction of net customs and personal income taxes that are not deducted. After adjustments to the calendar, the Treasury reported that the deficit stands at $285 billion, which represents a 49% increase.