Federal government begins new fiscal year in deep budget deficit
Uncle Sam's income dipped and spending rose in October as the federal government started off fiscal 2027 just as it ended 2026 -- deep in the red.
In October, the federal government experienced a decrease in income and an increase in spending. This marks the beginning of fiscal year 2027 with the government operating at a significant deficit. This situation mirrors the fiscal position at the end of the previous year.
- Federal government’s income decreased in October.
- Federal government’s spending increased in October.
- The government began fiscal year 2027 in a budget deficit.
- The deficit situation at the start of fiscal 2027 is similar to the end of fiscal 2026.
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