US June Budget Deficit Smaller than Expected

The US budget deficit narrowed to USD 75.0 billion in June 2018 from USD 90.2 billion in the same month of the previous year, and below market expectations of USD 98.2 billion.

Outlays fell 9 percent from the same month a year earlier and totaled USD 391 billion, as social security accounted for USD 88 billion, defense for USD 65 billion, Medicare for USD 79 billion and interest on debt for USD 32 billion. Other outlays accounted for the remaining USD 126 billion. 

Meanwhile, receipts declined 7 percent to USD 316 billion as individual income taxes accounted for USD 162 billion, social security and other payroll taxes for USD 94 billion, corporate income taxes for USD 38 billion and other taxes and duties for the remaining USD 22 billion.

When accounting for calendar adjustments, the government's deficit was USD 26 billion compared to an adjusted deficit of USD 48 billion in the same month the previous year.

The gap for the fiscal year, which began last October, was USD 607 billion, compared to a deficit of USD 523 billion in the same period of the previous fiscal year.

US June Budget Deficit Smaller than Expected

US Treasury | Joana Ferreira |
7/12/2018 6:10:16 PM