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US budget gap sets record
The United States began fiscal year 2027 with a record deficit of $404 billion in October, up $120 billion, or 42%, from the same month a year earlier. After calendar adjustments, the deficit was estimated at $285 billion, an increase of 49%. Revenue fell 9% to $369 billion, partly because net customs-duty revenue declined, while spending rose 12% to a record $773 billion. Spending increases included $28 billion for the military and $14 billion in agricultural aid. Interest on federal debt also rose 11% to $115 billion.
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