US Budget Surplus Narrows in June

The United States recorded a USD 6 billion budget surplus in June of 2016, much lower than a USD 50 billion surplus a year earlier and market expectations of USD 24 billion. Outlays rose 10.6 percent while receipts fell 3.8 percent.

Outlays totaled USD 323 billion. Interest on debt accounted for USD 27 billion; Medicare for USD 46 billion; defense for USD 49 billion; social security for USD 81 billion and other outlays for the remaining USD 121 billion.

Receipts totaled USD 330 billion: individual income taxes accounted for the largest share (USD 134 billion), followed by social security and other payroll taxes (USD 111 billion), corporate income taxes (USD 61 billion) and other taxes and duties (USD 23 billion). 

When accounting for calendar adjustments, June showed a USD 10 billion surplus compared with an adjusted USD 50 billion surplus a year earlier.

The current fiscal year-to-date deficit was USD 401 billion, up 26.9 percent from a USD 316 billion deficit at this time last year.

US Budget Surplus Narrows in June

US Treasury | Joana Taborda |
7/13/2016 7:22:29 PM