US Posts $14 Billion Budget Gap in December

The United States recorded a budget deficit of USD 14 Billion in December of 2015, compared with a surplus of USD 2 billion in the same month a year earlier as outlays surged 9 percent to USD 364 billion while receipts increased at a slower 4 percent to USD 350 billion.

In December of 2015, outlays totaled USD 364 billion as social security accounted for USD 102 billion, defense for USD 57 billion, Medicare for USD 44 billion and interest on debt for USD 21 billion. Other outlays accounted for the remaining USD 140 billion. Meanwhile, receipts totaled USD 350 billion as individual income taxes accounted for USD 149 billion, social security and other payroll taxes for USD 79 billion, corporate income taxes for USD 77 billion and other taxes and duties for the remaining USD 45 billion.

Accounting for calendar adjustments, December would have shown a surplus of USD 38 billion compared to an adjusted surplus of  USD 19 billion for December 2014.

The current fiscal year-to-date deficit stood at USD 216 billion, compared to USD 177 billion a year earlier.

US Posts $14 Billion Budget Gap in December

US Treasury | Joana Ferreira |
1/13/2016 7:18:22 PM