The budget shortfall last month was 34% higher than the October 2018 deficit, coming in at $134.5 billion, according to the latest Treasury Department report. That starts fiscal 2020 off on track to eclipse a $1 trillion deficit.
The October deficit continues a well-established trend. The FY2019 deficit was $984 billion and ranked as the largest budget shortfall since 2012. The federal deficit has only eclipsed $1 trillion four times, all in the aftermath of the 2008 financial crisis.
The FY2019 deficit was 26% higher than FY2018's massive budget shortfall.
Uncle Sam continues to spend enormous amounts of money. In October alone, the Federal government blew through $380 billion. That was an 8% increase over October 2018. Federal outlays were higher for defense, education, healthcare and Social Security.