In July, outlays totaled $375 billion, up $66 billion, or 21%, from last July. Some of the biggest increases were for Medicare and education programs. Revenues were $225 billion, up $11 billion, or 5%. Most of the increase was from individual income and payroll taxes.
The monthly deficit boosted the fiscal shortfall over the past 12 months to $488 billion, up from $430 billion in June but down from $534 billion one year earlier. Revenue for the 12-month period ended July is nearly 9 percent higher than the year-earlier level, while spending is up 6 percent.
Since the start of the fiscal year last October, the deficit reached $428 billion in July after adjusting for calendar differences, down from $460 billion for the same period through July 2014.