U.S. Budget Deficit Melts Up in October With Over $300 Billion Spent

“Moments ago the MTS released the final October budget report. It was not pretty, although those who read our report on how much debt was added – $195 billion to be precise – in the first month of the 2013 Fiscal Year will know where this is going. The US budget deficit was expected to soar after the September surplus of $75 billion, driven entirely by calendar shifts and pre-election propaganda, to -$113 billion. That was optimistic: the total amount of overspending in October was $120 billion. What is distressing is that this was well above the $98.5 billion deficit from a year ago, and confirms that the long-term trendline of ever greater spending continues.”

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