Hijjah 05, 1431, Nov 11, 2010, SPA -- The U.S. government began the 2011 fiscal year in October with a 20 percent drop in the budget deficit from a year ago, according to a Wednesday report by the U.S. Department of Treasury. The Treasury Department said the budget gap was at $140.43 billion, the 25th month in a row the government's finances have been in deficit. Most analysts had expected a slightly lower reading of $140.0 billion. The narrowing shortfall was due to an increase in revenue for the sixth straight month, and a decline in spending. Revenue rose eight percent to $145.95 billion, while spending fell to $286.38 billion. Despite the overall improvement, the budget deficit was the third highest on record for the month of October.
