The federal government began its new budget year with an October deficit of $63.2 billion, up sharply from a year ago.

The Treasury Department reported Monday that the October deficit was 37.9 percent higher than the $45.8 billion deficit recorded in October 2016.

Both government receipts and spending were up for the month, with receipts climbing 14.3 percent to $235.3 billion, a record for October. The larger spending figure was up 11.6 percent to $298.6 billion.

The deficit for the 2017 budget year, which ended on Sept. 30, totaled $666 billion, up from a 2016 deficit of $586 billion.

Many forecasters believe the deficit will rise in the current budget year, reflecting the impact of proposed tax cuts Congress is considering and hurricane relief.

The Congressional Budget Office estimated in June that the deficit for the current budget year, which runs from Oct. 1 to Sept. 30, would fall to $563 billion. However, that estimate did not include money for a tax cut being pushed by the Trump administration and GOP lawmakers. It also did not include increased spending to deal with three devastating hurricanes that have hit the U.S. mainland and territories.

SoftBank to invest in Uber

Japanese technology conglomerate SoftBank has reached a deal with Uber to invest billions in the ride-hailing giant.

Uber Technologies confirmed the investment in a statement Sunday without giving details.

But a person briefed on the deal said SoftBank Group will buy about $1 billion worth of new Uber stock, then will offer to purchase shares from investors and Uber employees with the goal of reaching a 14 percent stake in the company. Uber currently is valued at $68.5 billion, but stock offers will be based on a lower valuation, so it’s unknown just how much the total deal will be worth, said the person, who spoke on condition of anonymity because details were not released.

Qualcomm rebuffs Broadcom

Qualcomm rejected an unsolicited $103 billion offer from Broadcom, saying that the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance.

Qualcomm said Monday that it’s in a unique position to grow on its own.

“We are highly confident that the strategy (CEO Steve Mollenkopf) and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer,” said Tom Horton, Qualcomm director.

Broadcom said on Monday that it remains committed to pursuing a deal.