Federal government sets record for October tax collections; spending spigot still flowing

The federal government set a record for tax collections in October, the first month of the fiscal year, by collecting about $318.5 billion, according to the Treasury.

The amount trumps the previous October record set last year, at nearly $306 billion, resulting in a roughly 4.1% increase this year, CNS News reported.

Despite the revenue, the government spent even more, or around $406 billion, in October, so it ran a deficit of nearly $88 billion.