US June Budget Deficit Larger Than Expected
The US government posted a USD 90 billion budget deficit in June 2017, larger than market expectations of a USD 35 billion gap and compared with a USD 6 billion surplus in the same month of the previous year. Outlays jumped 33 percent to USD 429 billion while receipts increased at a much slower 3 percent to USD 339 billion.
7/13/2017 10:39:22 PM
In June 2017, outlays jumped 33 percent year-on-year and totaled USD 429 billion, as social security accounted for USD 84 billion, defense for USD 58 billion, Medicare for USD 73 billion and interest on debt for USD 26 billion. Other outlays accounted for the remaining USD 188 billion. Meanwhile, receipts increased at a much slower 3 percent to USD 339 billion as individual income taxes accounted for USD 151 billion, social security and other payroll taxes for USD 111 billion, corporate income taxes for USD 57 billion and other taxes and duties for the remaining USD 20 billion.
The fiscal 2017 year-to-date deficit was USD 523 billion compared with USD 399 billion in the same period of fiscal 2016.