US August Budget Deficit Larger than Expected
The US government budget deficit nearly doubled to USD 214 billion in August 2018 from USD 108 billion in the same month of the previous year, above market expectations of USD 156.5 billion.
Outlays jumped 29.7 percent from a year earlier and totaled USD 433 billion, as social security accounted for USD 108 billion, Medicare for USD 83 billion, defense for USD 65 billion and interest on debt for USD 32 billion. Other outlays accounted for the remaining USD 146 billion.
In contrast, receipts decreased 3.2 percent to USD 219 billion as individual income taxes accounted for USD 106 billion, social security and other payroll taxes for USD 93 billion and other taxes and duties for USD 24 billion. Meantime, corporate income taxes represented USD -3 billion.
When accounting for calendar adjustments, the government's deficit was USD 152 billion compared to a gap of USD 108 billion in the same month of the previous year.
The gap for the fiscal year, which began last October, was USD 898 billion, compared to a deficit of USD 674 billion in the same period of the previous fiscal year.
9/13/2018 8:56:01 PM