US Budget Deficit Above Expectations In February
The US government posted a USD 192 billion budget deficit in February of 2017, barely unchanged from a USD 192.6 billion gap a year earlier but above market expectations of USD 150 billion. Outlays increased 1 percent to USD 364 billion and receipts rose faster by 2 percent to USD 172 billion.
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In February, social security accounted for USD 78 billion of total outlays, Medicare for USD 46 billion, defense for USD 46 billion, interest on debt for USD 21 billion and other expenses for the remaining USD 173 billion. Regarding receipts, social security and other payroll taxes accounted for USD 90 billion, individual income taxes for USD 61 billion, corporate income taxes for USD 2 billion and other taxes and duties for the remaining USD 18 billion.
When adjusting for calendar effects, the February 2017 deficit was USD 181 billion.
The fiscal 2017 year-to-date deficit narrowed slightly to USD 349 billion compared with USD 353 billion in the same period of fiscal 2016.