US Budget Deficit Narrows Less than Expected

The US budget deficit narrowed to USD 200 billion in August of 2019 from USD 214 billion in the corresponding month of the previous year and compared with market expectations of a USD 195 billion gap.

Total outlays fell 1 percent from a year earlier to USD 428 billion, with social security accounting for USD 88 billion, medicare for USD 85 billion, national defence for USD 64 billion, health for USD 49 billion, income security for USD 45 billion, net interest for USD 35 billion, veterans' benefits & services for USD 25 billion, transportation for USD 10 billion, education for USD 9 billion and the remaining expenses for USD 18 billion.

Meanwhile, total receipts rose 4 percent to USD 228 billion, with individual income taxes accounting for USD 106 billion, social insurance & retirement for USD 96 billion, miscellaneous for USD 11 billion, excise taxes for USD 8 billion, customs duties for USD 7 billion and estate & gift taxes for USD 2 billion. 

The deficit for the fiscal year to date was USD 1.067 trillion, compared with USD 898 billion in the comparable period the year earlier. 

When adjusted for calendar effects, the deficit for August was USD 141 billion compared with an adjusted deficit of USD 146 billion in August 2018.

US Budget Deficit Narrows Less than Expected

US Treasury | Agna Gabriel |
9/12/2019 6:10:45 PM