U.S. budget deficit hits $63.2B in Oct.

The federal government began its new budget year with an October deficit of $63.2 billion, up sharply from a year ago.

The Treasury Department reported Monday that the October deficit was 37.9 percent higher than the $45.8 billion deficit recorded in October 2016.

Both government receipts and spending were up for the month, with receipts climbing 14.3 percent to $235.3 billion, a record for October. The larger spending figure was up 11.6 percent to $298.6 billion.

The deficit for the 2017 budget year, which ended on Sept. 30, totaled $666 billion, up from a 2016 deficit of $586 billion.

Many forecasters believe the deficit will rise in the current budget year, reflecting the impact of proposed tax cuts Congress is considering and hurricane relief.

The Congressional Budget Office estimated in June that the deficit for the current budget year, which runs from Oct. 1 to Sept. 30, would fall to $563 billion. However, that estimate did not include money for a tax cut being pushed by the Trump administration and GOP lawmakers. It also did not include increased spending to deal with three devastating hurricanes that have hit the U.S. mainland and territories.