Updated: 13-Nov-24 14:15 ET

October Treasury Budget

Updated: 13-Nov-24 14:15 ET

Highlights

• The Treasury Budget for October showed a deficit of $257.4 billion compared to a deficit of $66.6 billion in the same period a year ago.
• The October deficit resulted from outlays ($584.2 billion) exceeding receipts ($326.8 billion).
• The Treasury Budget data is not seasonally adjusted so the October deficit cannot be compared to the September surplus.

Key Factors

• Individual Income Taxes were the largest source of receipts in October ($168 billion), followed by Social Insurance & Retirement Receipts ($122 billion).
• The largest outlays by function were Social Security ($125 billion), National Defense ($103 billion), Health ($85 billion), and Net Interest ($80 billion).
• The fiscal year-to-date deficit is $257.4 billion.
• The deficit over the last 12 months is $2.023 trillion.

Big Picture

• The key takeaway from the report is that the net interest outlay is running close to $1 trillion on an annualized basis.

Category	OCT	SEP	AUG	JUL	JUN
Deficit (-)/Surplus	-$257.4B	$64.7B	-$380.1B	-$243.7B	-$70.9B
Deficit (-)/Surplus Fiscal YTD	-$257.4B	-$1832.4B	-$1897.1B	-$1516.0B	-$1268.3B
Deficit (-)/Surplus over last 12 months	-$2023.3B	-$1832.4B	-$2067.8B	-$1598.5B	-$1575.5B