US budget gap narrows more than expected in October

Data showed today that the US government posted a budget deficit of 165 billion dollars for the month of October, down 42% from the deficit of 284 billion dollars in the same period last year as income tax revenues rose on individuals and companies. Receipts for the first month of the federal government's fiscal year totaled $284 billion, a 19% increase in October, individual tax revenue rose 18% to $214 billion, and corporate tax revenue rose 39% to $21 billion.

The data showed that total expenditures amounted to 449 billion dollars in October, down 14% from October 2020 of 522 billion dollars, with medical care expenditures declining by 56 billion dollars, by 44%, and spending by the Department of Labor by 91%.