US Budget Gap Widens 103% in March

The United States recorded a budget deficit of USD 108 billion in March of 2016, compared with a USD 53 billion gap in the same month a year earlier and market expectations of a USD 104 billion shortfall. Outlays increased 17 percent and receipts declined 2.5 percent.

In March of 2016, outlays totaled USD 336 billion, up from USD 287 billion a year earlier. Social security accounted for USD 76 billion, Medicare for USD 48 billion, defense for USD 54 billion and interest on debt for USD 24 billion. Other outlays accounted for the remaining USD 134 billion. Meanwhile, receipts declined to USD 228 billion from USD 234 billion as social security and other payroll taxes accounted for USD 95 billion, individual income taxes for USD 77 billion, corporate income taxes for USD 33 billion and other taxes and duties for the remaining USD 23 billion.

Accounting for calendar adjustments, March would have shown a USD 102 billion deficit compared with a USD 89 billion gap a year earlier. 

The fiscal year-to-date deficit widened 5 percent to USD 461 billion from a USD 439 billion shortfall last year.

US Budget Gap Widens 103% in March

US Treasury | Joana Taborda |
4/12/2016 7:18:46 PM