Budget year begins with $140.4B October deficit

WASHINGTON

The Treasury Department said Wednesday that last month's deficit totaled $140.4 billion, down by $35.9 billion from the record holder for the month, an imbalance of $176.4 billion in October 2009.

Even with the improvement, the red ink last month set the stage for what is expected to be a third consecutive year of $1 trillion-plus deficits. The flood of red ink has contributed to a political backlash that cost Democrats in last week's elections.

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