US Budget Deficit Widens Sharply in July

The US budget deficit widened to USD 120 billion in July 2019 from USD 76.9 billion in the same month of the previous year and in line with market expectations.

Total outlays jumped 22.8 percent from a year earlier to USD 371 billion, with social security accounting for USD 88 billion, Medicare for USD 56 billion, national defense for USD 56 billion, health for USD 50 billion, income security for USD 38 billion, net interest for USD 35 billion, veterans' benefits & services for USD 17 billion, transportation for USD 9 billion, education for USD 7 billion and the remaining expenses for USD 15 billion. 

Meanwhile, total receipts rose 11.6 percent to USD 251.3 billion, with individual income taxes accounting for USD 127 billion, social insurance & retirement for USD 94 billion, excise taxes for USD 8 billion, miscellaneous for USD 8 billion, corporation income taxes for USD 7 billion, customs duties for USD 6 billion and estate & gift taxes for 1 billion.  

The deficit for the current fiscal year was USD 867 billion, higher than a USD 684 billion gap in the comparable period the year earlier.

When adjusted for calendar effects, the deficit was USD 129 billion last month versus USD 122 billion in the comparable prior period.

US Budget Deficit Widens Sharply in July

US Treasury | Rafael Gonzalez |
8/12/2019 6:53:56 PM