US runs wider fiscal deficit in October

The US federal government ran a fiscal deficit of $63 billion in October, the first month of the fiscal year 2018, the latest data from the Treasury Department showed on Monday. The deficit was larger than the $45.8 billion in October 2016. The Treasury Department said that the wider deficit was due to increases in spending for veterans’ benefits, Medicare payments and military active duty and retirement. The government outlays in October rose to $298.6 billion from $267.5 billion in the same month of last year. Revenues grew to $235.3 billion from $221.7 billion a year earlier.