Budget deficit grew in the latest month to $40.26 billion
WASHINGTON -- The federal government opened its new fiscal year with a much bigger deficit than a year earlier, when it was operating on a reduced, temporary budget.</br></br>The total budget deficit widened last month to $40.26 billion from $22.58 billion a year earlier, when the government faced shutdowns and budgetary stalemates. The deficit is the amount by which expenditures exceed receipts.</br></br>In its monthly statement, the Treasury said receipts totaled $99.95 billion in October, compared with $95.67 billion a year earlier and $157.67 billion in September. Outlays totaled $140.21 billion last month, compared with $118.25 billion a year earlier and $122.24 billion in September. The October budget gap compared with a revised surplus of $35.43 billion in September.</br></br>Separately, the Labor Department said the U.S. import price index, excluding fuels, fell 0.3% in October, marking the fifth monthly decrease for the index in the past six months. Import prices for nonpetroleum industrial supplies and materials, automotive vehicles, consumer goods and capital goods also posted modest declines in October. Only the index for foods, feed and beverages edged higher in the month, rising 0.1%.</br></br>Overall, import prices rose 0.4% in October, bolstered by a 6.1% jump in petroleum prices after a 7.4% gain in September. Over the last 12 months, prices for imported petroleum have risen 37.6%.