The US monthly budget deficit dropped to $88 billion in October, down 47% for the year
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That's 47% lower than the October 2021 deficit of $165 billion and just below economists' expectations of $90 billion, according to consensus estimates on Refinitiv. During October, which is the first month for the government's 2023 fiscal year, spending dropped 9% to $406 billion and revenues increased 12% to $319 billion.During fiscal year 2022, the US budget deficit was slashed in half, falling to $1.4 trillion, amid a winding down of pandemic-related spending and a jump in revenue from the surging economic recovery. While the shortfall was the smallest in three years, it remains historically high. In the 2019 fiscal year, the deficit totaled $980 billion.Read MoreThis story is developing and will be updated.Click Here To Get Funded!