Monthly Treasury Statement Shows $1.417 trillion Final Deficit Number for FY 2009

The Monthly Treasury Statement is out, and states that Fiscal Year 2010 is off to a perilous start. The deficit for the month of October is ringing in at $176 billion, much higher than last year’s October deficit, but lower than deficits were during four separate months last year.

Receipts were down considerably compared with last year; October FY 2010 brought in $135 billion, while October FY 2009 saw returns of $164 billion. Total receipts for this year are projected to be $2.07 trillion, down from $2.26 trillion last year. Individual income taxes and corporate income taxes were down considerably this month compared with October of last year. While total outlays were less this month than compared with October of last year, total outlays for FY 2010 are expected to be greater than outlays for FY 2009.

This month's Treasury statement also included the final deficit number for last year: $1.417 trillion. As expected, this came to be around 10 percent of GDP.