Federal Government Posts $15.1 Billion Deficit Between April and October This Year

The federal government recorded a budgetary deficit of $15.1 billion between April and October, $7 billion of which was in October. The finance department says in its monthly fiscal monitor that the deficit between April and October compared with a deficit of $0.2 billion during the same period last year. Government revenues increased by $3 billion, or 1.2 percent, a reflection of higher interest revenues, and other non-tax revenues. Program expenses excluding net actuarial losses were up $11.8 billion, or 5.4 percent, from the same period a year earlier, as spending across all major categories rose. Public debt charges were up $7.5 billion, or 38.1 percent, largely due to higher interest rates but partly offset by lower consumer price index adjustments on real return bonds....