The U.S. recorded a $100.5 billion budget deficit in October, an increase of about 60 percent from a year earlier, as spending grew twice as fast as revenue.
The deficit widened from $63.2 billion in the same month last year, the department said in an emailed statement on Tuesday. October marks the start of the U.S. fiscal year.
Receipts totaled $252.7 billion last month, up 7 percent from a year earlier, while outlays climbed 18 percent to $353.2 billion, according to the department.
In Trump’s first full fiscal year that ended in September, the budget gap grew to $779 billion, the highest level since 2012.