US fiscal deficit widens in October

Added On November 15, 2017

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The country's federal government ran a fiscal deficit of 63 billion U.S. dollars in October, the first month of the fiscal year 2018.
Data from the Treasury Department showed the deficit was larger than the 45.8 billion dollars in October 2016. 
The Department said that the wider deficit was due to increases in spending for veterans' benefits, Medicare payments and military active duty and retirement. 
U.S. Congress in October passed the budget resolution for fiscal year 2018, which calls for big cuts in healthcare spending.
The Congressional Budget Office expected the country's budget deficits to continue to rise over the next decade. 
The deficit will reach 5.2 percent of GDP in 2027 from the estimated 2.8 percent of GDP in 2018.