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US budget deficit eases to $165B in October, down 42%

AP Business Writer

The U.S. monthly budget deficit fell in October as the government collected more taxes from individuals and corporations thanks to a much improved economy emerging from the coronavirus pandemic. The Treasury Department reported Wednesday that the federal government posted a deficit of $165 billion last month, 42% lower than the same month last year when it rang up a record October deficit of $284.1 billion. Last year revenues declined while spending to deal with the impact of the coronavirus soared. In the 2021 budget year that ended on Sept. 30, the deficit totaled $2.77 trillion, the second highest on record behind 2020.

Article Topic Follows: AP National Business

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The Associated Press


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