US Budget Gap Widens in July

The United States recorded a budget deficit of $149.2 Billion in July, $55 billion higher from the same period last year as spending increased more than receipts.

In July, outlays totaled $375 billion, up $66 billion, or 21%, from last July. Some of the biggest increases were for Medicare and education programs. Revenues were $225 billion, up $11 billion, or 5%. Most of the increase was from individual income and payroll taxes.

The monthly deficit boosted the fiscal shortfall over the past 12 months to $488 billion, up from $430 billion in June but down from $534 billion one year earlier. Revenue for the 12-month period ended July is nearly 9 percent higher than the year-earlier level, while spending is up 6 percent.

Since the start of the fiscal year last October, the deficit reached $428 billion in July after adjusting for calendar differences, down from $460 billion for the same period through July 2014.

US Budget Gap Widens in July

US Treasury |
8/12/2015 7:10:10 PM