US monthly budget deficit dropped in October

On Thursday, the U.S.Treasury Department announced that the US government recorded a monthly budget deficit in October. The US budget deficit accounts for a total of $88 billion a month.

The budget deficit of the United States has decreased by 47% compared to last year’s budget. According to Refinitiv consensus estimates, the deficit was below economists' expectations of $90 billion.

In October, unadjusted spending fell 9% to $406 billion, while revenue increased 12% to $319 billion.

According to Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, the US debt level remains elevated as interest rates rise rapidly. Goldwein also noted that in October, interest payments rose compared to last year. In 2022, interest rates amounted to $43 billion, while a year ago they were only $30 billion.