US budget deficit hits $ 98 billion

Washington: The US federal government's budget deficit increased to $98.5 billion in October, the treasury department said on Thursday.

In September, it was $64.57 billion.

The deficit remains extraordinarily high by historical standards and will keep pressure on lawmakers as they debate spending cuts and tax increases.

In October, the first month of fiscal year 2012, the US federal government's revenue stood at $163.07 billion, while its monthly outlays reached $261.54 billion, Xinhua reported quoting the treasury department.

In the 2009 fiscal year, the fiscal imbalance recorded an all time high of $1.41 trillion and fell slightly to $1.29 trillion in the 2010 fiscal year.

Currently, the nation's total public debt is $14.9 trillion.