US Posts $28 Billion Budget Deficit in December


The US government posted a $28 billion budget deficit in December of 2016, a 94.4 percent increase from a $14.4 billion gap the same month of the previous year and slightly above market expectations of a $25 billion gap. Receipts slumped 8.9 percent to $319 billion and outlays fell 4.7 percent to $347 billion.

In December, individual income taxes accounted for $140 billion of total recipts, social security and other payroll taxes for $87 billion, corporate income taxes for $73 billion and other taxes and duties for the remaining $20 billion. Regarding outlays, other accounted for $143 billion, social security for $77 billion, defense for $57 billion, Medicare for $46 billion and interest on debt for $24 billion. 

When adjusting for calendar adjustments, the December 2016 deficit was $5 billion compared with a $27 billion surplus in the same month of 2015.

The fiscal 2017 year-to-date deficit was $208 billion compared with $161 billion in the same period of fiscal 2016.

US Posts $28 Billion Budget Deficit in December


US Treasury | Joana Taborda | joana.taborda@tradingeconomics.com
1/12/2017 7:09:20 PM