U.S. Federal Deficit Inclined by $98 Billion in October

The Federal Budget deficit rose again last month by a higher pace than in September: according to the last publication of the Monthly Treasury Statement, the U.S government deficit rose in October 2011 by $98.4 billion; this is an increase of $36.9 billion from the $61.546 billion deficit recorded in September 2011; on the other hand, the U.S government deficit during October 2011 was lower than the deficit in October 2010 of $140.432 billion.

The deficit in the fiscal year of 2011 was $1,295 billion, which was slightly higher than the deficit recorded during the fiscal year of 2010. During October, which is part of the 2012 fiscal year, there was a sharp decrease in revenues of 32% compared with September 2011, but the outlays also declined on a month to month scale from $301.7 billion in September to $261.5 billion in October – a 13% decrease. Resulting in an increase in the deficit growth rate in October compared with September.

At the current rate, the Federal budget’s deficit in fiscal year of 2011 represents nearly 9% of US’s GDP in 2011.

Current gold price, short term futures (December 2011 delivery) is traded at $1,763.4 per t oz. a $28.2 decrease as of 20:28*.

Current Nymex crude oil price, short term futures (December 2011 delivery) is traded up by 2.21%, as its at $97.86 per barrel as of 20:28*.

Euros to US dollar exchange rate is currently traded up at 1.3600 a 0.42% increase as of 20:38*.

(* GMT)

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