The Zhitong Finance App learned that data released by the US Treasury Department on Thursday showed that due to increased government spending and falling tax revenue, the US fiscal deficit reached 404 billion US dollars in October, an increase of 42% over the same period last year. The US Treasury predicts that as government spending continues to exceed tax revenue, the fiscal deficit will expand further to around $2.2 trillion this fiscal year. The data shows that in the first month of the new fiscal year beginning October 1, US government spending increased 12% year over year to 773 billion US dollars, while tax revenue fell 9% year over year to 369 billion US dollars. Among them, tariff revenue fell by about 39% year over year to US$19.2 billion.

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