Via The Hill:

The U.S. racked up a $120 billion deficit in October, the first month in fiscal 2013, the Treasury Department reported on Tuesday.

The government spent $304 billion and collected only $184 billion in revenue.

That is a fast start to the new fiscal year. By comparison, the deficit in the first month on 2012 was $98 billion.

According to the White House, the U.S. will have a $990 billion deficit this year, down slightly from the $1.1 trillion deficit in the year than ended Sept. 30.

In projecting that amount, the White House budget office assumes that Congress will reach a deal to avoid the “fiscal cliff.” It also assumes that Congress will approve the jobs stimulus plan contained in President Obama’s 2013 budget.