October 2012, Another $100+ Billion Government Budget Deficit

By Jon C. Ogg Updated Apr 28, 3:00AM EDT · Published Nov 13, 2:25PM EST

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The federal budget deficit widened out nominally in October and was wider than expectations for the first month of the government’s fiscal year. A monthly report from the Treasury Department showed that October’s deficit was $120 billion. This deficit was “only” about $98.5 billion in October of 2011. Bloomberg and Dow Jones both had consensus estimates of $113 billion or so for the month.

Spending rose to $304.31 billion versus $261.54 billion a year ago, with income from individuals coming in at $102.04 billion versus $86.75 billion a year ago. Corporate income tax was down to $1.62 billion from $2.47 billion a year ago.

On an annualized basis the fiscal 2012 deficit was over $1 trillion for the fourth year in a row. With the first month at such a wide deficit, the only thing which may prevent the budget from remaining above $1 trillion in 2013 is the coming Fiscal Cliff. As of the latest projection, the White House came up with a budget deficit about $990 billion for 2013.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.