US Posts Largest Budget Gap Ever for February

The US government budget deficit increased to USD 234 billion in February of 2019 from a USD 215 billion gap a year earlier and above market expectations of a USD 227 billion shortfall. It is the highest budget gap ever for a February month as federal spending rose 8 percent on the year while receipts increased only 7 percent.

Outlays rose 8.2 percent from a year earlier to USD 401 billion, with social security accounting for USD 87 billion, income security for USD 87 billion, national defense for USD 57 billion, medicare for USD 52 billion, health for USD 46 billion, net interest for USD 25 billion, veterans' benefits and services for USD 16 billion, education for USD 11 billion, transportation for USD 8 billion and other expenses for USD 13 billion.

Receipts went up 6.8 percent to USD 167 billion, with social insurance and retirement accounting for USD 95 billion, individual income taxes for USD 57 billion,  excise duties taxes for USD 5 billion, custom duties taxes for USD 5 billion, miscellaneous for USD 4 billion, estate and gift taxes for 1 billion and corporate income taxes for USD -1 billion.

The deficit for the current fiscal year was USD 544 billion, higher than a USD 391 billion gap a year earlier. 

US Posts Largest Budget Gap Ever for February

US Treasury | Joana Taborda |
3/22/2019 6:25:06 PM