US Posts $44 Billion Budget Deficit in October


The US government posted a USD 44 billion budget deficit in October 2016, a 68 percent decrease from a USD 137 billion gap the same month of the previous year, as outlays fell 24 percent to USD 266 billion while receipts rose 5 percent to USD 222 billion.

In October 2016, the first month of the 2017 fiscal year, outlays fell 24 percent year-on-year and totaled USD 266 billion as social security accounted for USD 78 billion, defense for USD 52 billion, Medicare for USD 24 billion and interest on debt for USD 23 billion. Other outlays accounted for the remaining USD 89 billion. Meanwhile, receipts rose 5 percent and totaled USD 222 billion as individual income taxes accounted for USD 122 billion, social security and other payroll taxes for USD 79 billion, corporate income taxes for USD 2 billion and other taxes and duties for the remaining USD 18 billion.

However, when accounting for calendar adjustments, October would have shown an USD 84 billion deficit compared to an adjusted USD 88 billion deficit in the same month of 2015.

US Posts $44 Billion Budget Deficit in October


Joana Ferreira | joana.ferreira@tradingeconomics.com
11/10/2016 7:33:14 PM