Higher borrowing costs have sparked concern on Wall Street, and  revenue to the government rose by a record amount in October as Californians sent tax payments that had been postponed due to severe winter storms.

The U.S. federal budget deficit narrowed to $67 billion in October, down from $88 billion in the same month in 2022, the Treasury Department claimed on Monday.

The deficit was slightly smaller than the $70 billion forecast by economists surveyed by the Wall Street Journal.

In October, government receipts hit a record high as Californians paid tax bills that had been deferred by the Internal Revenue Service earlier this year after the state was hit with severe late-winter storms.

Receipts hit a record high of $403 billion in October, up from $319 billion in the prior month.

Government outlays rose to $470 billion, increased from $406 billion in the same month in 2022.

Interest paid on the national debt almost doubled compared with the period of 2021. The Treasury paid $88.9 billion in interest, up from $47.6 billion in the same month last year.