{
  "id": 19732704,
  "title": "US starts 2027 fiscal year with record October budget deficit of US$404bil",
  "url": "https://urgent.news/2026/11/12/us-starts-2027-fiscal-year-with-record-october-budget-deficit-of-us-19732704",
  "topic": "world",
  "section": "World",
  "published": "2026-11-12T23:49:05.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/11/13/us-starts-2027-fiscal-year-with-record-october-budget-deficit-of-us-404bil"
  },
  "original_language": "en",
  "account": "The US government opened the 2027 fiscal year with a staggering October budget deficit of $404 billion, marking a new record and a significant 42% increase compared to the same period last year, according to the Treasury Department. This sharp rise in the deficit was primarily due to a combination of shrinking receipts and substantial increases in outlays. October's receipts declined by an estimated $35 billion, or 9%, to $369 billion, largely due to lower net customs duty collections. Moreover, individual non-withheld taxes were $29 billion, or 36%, lower than the previous year's levels, partly because of delayed tax filing deadlines in California following the 2025 wildfires. Adjustments for calendar-related factors, such as the shift of November benefit payments into October, led the Treasury to estimate the adjusted deficit at $285 billion, a 49% increase from the year-ago period. The October outlays, however, reached an unprecedented $773 billion, a 12% rise from the previous year. This increase was driven by a substantial $14 billion, or 80%, boost in USDA spending for farm relief, a $28 billion, or 30%, rise in military spending, and an extra $11 billion, or 11%, in interest on the federal debt.",
  "summary": "October receipts fell by US$35 billion, or 9%, to US$369 billion, due partly to lower net customs duty collections.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}