U.S. Oct. budget deficit $120 billion: Treasury

WASHINGTON (MarketWatch)
The U.S. government ran a budget deficit of $120 billion in October, the Treasury Department reported Tuesday
This is up substantially from a deficit of $98.5 billion in the same month one year ago
It is also higher than the $113 billion estimate for the month from the Congressional Budget Office
In its monthly budget statement, the Treasury said that the government spent $304.3 billion in October, 16% above the year-ago period
Receipts rose 13% to $184.3 billion
This is the first month of the 2013 fiscal year, for which the White House has projected a deficit of $990.6 billion
But any forecast is likely to be revised as Congress and the White House seek to reach a long-term deficit deal to avert the so-called fiscal cliff