The U.S. budget gap grew to $134.5 billion in October, up roughly $34% from the same time last year, Bloomberg reports.
The big picture: The federal government ended the 2019 fiscal year with the biggest deficit — $984.4 billion — we've seen in seven years. The widening gap comes as a result of continued spending increases and dwindling receipts. The deficit marks the largest October shortfall since 2015. Income also dropped by 2.8% last month from a year earlier.