The Treasury Budget for July showed a deficit of $119.70 bln (Briefing.com consensus -$100.00 bln) versus a deficit of $76.87 bln for the same period one year ago. The Treasury Budget is not seasonally adjusted, so the July deficit cannot be compared to the $8.50 bln deficit in June.
Total receipts of $251.35 bln for July were $26.08 bln more than the year-ago period. Individual Income Taxes accounted for $127.43 bln of receipts. Social Insurance and Retirement provided $93.85 bln. Corporate Income Tax receipts were $6.97 bln. Excise Taxes, Miscellaneous Taxes, Custom Duties Taxes, and Estate and Gift Taxes made up the remaining $23.10 bln.
Total outlays in July were $371.04 bln, $68.91 bln more than the year-ago period. The largest outlay was $104.03 bln for the Department of Health and Human Services, followed by $92.78 bln for the Social Security Administration, $52.67 bln for the Department of Defense, and $40.34 bln for interest payments.
The fiscal year-to-date deficit is $866.81 bln versus a deficit of $683.96 bln in the same period a year ago. The budget deficit over the last 12 months is $1.019 trln, versus $919 bln for the 12 months ending in June.
|Deficit (-)/Surplus Fiscal YTD||-$866.8B||-$747.1B||-$738.6B||-$530.9B||-$691.2B|
|Deficit (-)/Surplus over last 12 months||-$961.8B||-$919.0B||-$985.4B||-$924.4B||-$870.5B|