Deficit $30.74 Billion in October
The federal budget deficit widened to $30.74 billion in October, the first month of the 1988 fiscal year, from $25.29 billion a year earlier, the Treasury Department said today.
The increase--of almost 20%--came just three days after President Reagan and congressional leaders agreed on a plan to reduce the 1988 deficit by $30.2 billion. Federal government spending exceeded revenues by $148 billion in fiscal 1987, which ended Sept. 30. Before last week’s deficit-reduction package, the shortfall for 1988 was expected to be even greater.
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