MNI BRIEF: US Treasury Sees $460B Deficit Thru January

The U.S. federal budget deficit is widening rapidly, according to the Treasury Department, with excess spending over receipts totaling USD460 billion for the first four months of the fiscal year that started in October.

The deficit is up USD201 billion or 78% from this time last year, according to Treasury estimates released Friday. The deficit in the month of January alone came in at USD39 billion.

The government's outlays so far this year hit a new record at USD1.933 trillion, up 9% compared to this point last year. Federal government receipts are down 3% compared to last year at this time, in part due to recent declining business bonus payments, a Treasury official said on a call.