WASHINGTON (Reuters) - The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.
The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.
Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.
20 trillion of debt by the time Obama leaves office. Who will fund this? Think China wants to sign onto this? Europe? They can't even agree on bailing out Greece.
Thomas Sowell: There are no solutions, just trade-offs.
