US Posts $113 Billion Budget Deficit in July

The US government posted a USD 113 billion budget gap in July 2016, a 24 percent drop from a USD 149 billion deficit in the same month a year earlier, as outlays fell 14 percent to USD 323 billion while receipts declined at a slower 7 percent to USD 210 billion.

In July 2016, outlays totaled USD 323 billion as social security accounted for USD 77 billion, Medicare for USD 50 billion, defense for USD 47 billion and interest on debt for USD 28 billion. Other outlays accounted for the remaining USD 121 billion. Meanwhile, receipts totaled USD 210 billion as individual income taxes accounted for USD 100 billion, social security and other payroll taxes for USD 82 billion, corporate income taxes for USD 9 billion and other taxes and duties for the remaining USD 19 billion.

However, when accounting for calendar adjustments, July would have shown a $101 billion deficit compared with an adjusted $107 billion deficit in the same month in 2015.

The fiscal year-to-date deficit was $514 billion through July, up 10 percent from a $466 billion deficit at the same time last year.

US Posts $113 Billion Budget Deficit in July

US Treasury | Joana Ferreira |
8/10/2016 7:09:53 PM