US Budget Deficit Widens in July

The US budget deficit widened sharply to USD 77.0 billion in July 2018 from USD 42.9 billion in the same month of the previous year, slightly below market expectations of USD 77.8 billion.

Outlays jumped 10 percent from a year earlier and totaled USD 302 billion, as social security accounted for USD 83 billion, defense for USD 49 billion, Medicare for USD 24 billion and interest on debt for USD 35 billion. Other outlays accounted for the remaining USD 111 billion. 

Meanwhile, receipts declined 3 percent to USD 225 billion as individual income taxes accounted for USD 110 billion, social security and other payroll taxes for USD 91 billion, corporate income taxes for USD 4 billion and other taxes and duties for the remaining USD 20 billion.

When accounting for calendar adjustments, the government's deficit was USD 124 billion compared to a deficit of USD 85 billion in the same month the previous year.

The gap for the fiscal year, which began last October, was USD 684 billion, compared to a deficit of USD 566 billion in the same period of the previous fiscal year.

US Budget Deficit Widens in July

US Treasury | Joana Ferreira |
8/10/2018 6:07:50 PM