US budget deficit eases to $165B in October, down 42%
Source: AP
By MATT OTT
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. That was 42% lower than the same month last year when it rang up a record October deficit of $284.1 billion. At that time revenues were declining while spending to deal with the impact of the coronavirus soared.
This October, the first month on the government’s calendar for fiscal 2022, spending fell 14% from last year to $449 billion, while revenues rose 19% to an October record of $284 billion.
Treasury officials said Wednesday that the lower October deficit this year was attributable to more tax revenue from millions more people back working, and booming corporate profits as the economy reopened. Last October, there were still no vaccines and many businesses suffered as people remained holed up at home.
FILE - The Treasury Building is viewed in Washington, May 4, 2021. 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, Nov. 10, 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. (AP Photo/Patrick Semansky, File)
Read more: https://apnews.com/article/coronavirus-pandemic-business-congress-health-economy-aec0e18e5403b1127e586e21bdbf4a23
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"Democrats in Disarray®" narrative going instead. 
