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US budget deficit up sharply to $63.2 billion in October

FILE - This Thursday, June 8, 2017, file photo shows the U.S. Treasury Department building in Washington. (AP Photo/Pablo Martinez Monsivais, File)

The federal government began its new budget year with an October deficit of $63.2 billion, up sharply from a year ago.

The Treasury Department says the October deficit was 37.9 percent higher than the $45.8 billion deficit recorded in October 2016.

Both government receipts and spending were up for the month with receipts climbing 14.3 percent to $235.3 billion, a record for the month of October. The larger spending figure was up a sizable 11.6 percent to $298.6 billion.

The deficit for the 2017 budget year, which ended on Sept. 30, totaled $666 billion, up 13.7 percent from a 2016 deficit of $586 billion.

Many forecasters believe the deficit will rise higher in the current budget year, reflecting the impact of proposed tax cuts Congress is considering and hurricane relief.

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