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November 13, 2013 AT 11:33 AM
The U.S. budget deficit narrowed more than expected in October, aided by an improved economy and an austerity push that has cut spending and raised taxes, data showed Nov. 13. The federal government spent $92 billion more last month than it received, taking in about 70 cents for every dollar in outlays. Economists polled by Reuters expected the government to run $104 billion into the red last month, down from a $120 billion deficit in October 2012.