US opens new fiscal year with a $404 billion deficit
The U.S. government started its new fiscal year by posting a $404 billion budget deficit in October, the Treasury Department said Thursday. That's a 42% jump from the same month last year, with Medicare, Social Security and defense eating up the biggest chunks of spending. Tax receipts didn't come close to covering it.
- 2 sources report it: breakingthenews.net, X account @Cointelegraph.
- The source published it on Nov 12, 2026 at 7:23 PM.
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> The U.S. Treasury Department said Thursday that the federal government ran a $404 billion budget deficit in October — the opening month of its new fiscal year.
The shortfall jumped 42% from the same month a year earlier. Medicare led the spending side at $170 billion, according to Treasury's statement, with Social Security at $143 billion and National Defense at $129 billion.
On the revenue side, individual income taxes pulled in $186 billion during the month, while social insurance and retirement receipts brought in $131 billion.
The headline number is the first hard look at the government's books since the fiscal calendar flipped, and it lands with spending still stacked heavily on health and retirement programs. Treasury's breakdown puts Medicare and Social Security alone well past $300 billion for the month, more than the combined revenue from the two biggest tax lines it reported.
TopicsU.S. Treasury Department · Medicare · Social Security · National Defense · individual income taxes · social insurance and retirement receipts
Written by Paparazzi with AI. Not financial advice.
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