CORRECTED-UPDATE 1-US starts fiscal 2010 with $176.36 bln Oct deficit - News

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CORRECTED-UPDATE 1-US starts fiscal 2010 with $176.36 bln Oct deficit

By: AFX | 12 Nov 2009 | 03:57 PM ET

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WASHINGTON, Nov 12 (Reuters) - The U.S. government began fiscal year 2010 with a record shortfall for the month of October, after posting a record $1.4 trillion budget gap for the 2009 budget year, the Treasury said on Thursday. The Treasury Department, in its monthly budget statement, posted a $176.36 billion budget gap in October, the fifth largest deficit for any month.

That exceeded both Wall Street analysts' expectations for a $150 billion deficit, and the $155.5 billion gap in October 2008. The report for October pointed to a growing gap between government spending and income at a time when a fragile economy is beginning to emerge from the steepest recession in 70 years. The federal budget year starts on Oct. 1. The government has now posted a budget deficit for 13 straight months, the longest string of deficits on record, the Treasury said. In October, outlays fell to $311.69 billion compared with $320.38 in October 2008, while receipts totaled $135.33 billion, down from $164.85 billion in the same month a year ago, the department said. The Treasury also said it bought $7.8 billion worth of mortgage-backed securities from housing finance agencies in October compared with $21.5 billion in October 2008. ((Reporting by Nancy Waitz, Editing by Gary Crosse)) ((nancy.waitz@thomsonreuters.com; +1-202-310-5477; Reuters Messaging: nancy.waitz.reuters.com@reuters.net)) Keywords: USA ECONOMY/BUDGET (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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