US budget deficit reaches $100.5B

Baku. 14 November. REPORT.AZ/ The U.S. recorded a $100.5 billion budget deficit in October, an increase of about 60 percent from a year earlier, as spending grew twice as fast as revenue, Report informs citing Bloomberg.

The deficit widened from $63.2 billion in the same month last year, the department said in an emailed statement on Tuesday. October marks the start of the U.S. fiscal year.

Receipts totaled $252.7 billion last month, up 7 percent from a year earlier, while outlays climbed 18 percent to $353.2 billion, according to the department. The U.S. spent $84 billion on Social Security, $69 billion on defense, and $53 billion on Medicare.

As of September 30, US budget deficit made up 3.9% of GDP - the highest level since 2012.