US Budget Deficit Narrows Sharply in June

The US government budget gap decreased sharply to USD 8 billion in June 2019 from USD 75 billion in the same month last year and compared to market expectations of USD 6.35 billion. Federal spending fell 12.5 percent on the year while receipts rose 5.6 percent. This was in part because of June 1 fell on a Saturday, a non-working day, which forced some federal payments into May.

Total outlays slipped 12.5 from a year earlier to USD 342 billion, with social security accounting for USD 93 billion, national defense for USD 51 billion, health for USD 48 billion, net interest for USD 40 billion, education for USD 36 billion, income security for USD 24 billion, Medicare for USD 22 billion, transportation for USD 9 billion, veterans' benefits & services for USD 8 billion, and the remaining expenses for USD 11 billion.

Meanwhile, total receipts increased 5.6 percent to USD 334 billion, with individual income taxes accounting for USD 141 billion, social insurance & retirement for USD 121 billion, corpoartion income taxes for USD 51 billion, excise taxes for USD 7 billion, miscellaneous for USD 7 billion, customS duties for USD 6 billion, and estate & gift taxes for USD 1 billion. 

The deficit for the current fiscal year was USD 747 billion, higher than a USD 607 billion gap in the comparable fiscal year.

When adjusted for calendar effects, the deficit was USD 55 billion for the fiscal year to date versus USD 30 billion in the comparable prior period.

US Budget Deficit Narrows Sharply in June

US Treasury | Luisa Carvalho |
7/11/2019 6:33:41 PM