11/13/2017 09:04 EST | Updated 11/13/2017 09:20 EST

US budget deficit up sharply to $63.2 billion in October

WASHINGTON — 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 says the October deficit was 37.9 per cent 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 per cent to $235.3 billion, a record for the month of October. The larger spending figure was up a sizable 11.6 per cent to $298.6 billion.

The deficit for the 2017 budget year, which ended on Sept. 30, totalled $666 billion, up 13.7 per cent from a 2016 deficit of $586 billion.

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