- U.S. July budget deficit: $244 billion, up 10% from a year earlier.
- Adjusted deficit would be $45 billion narrower due to calendar differences.
- Deficit increase mainly due to lower benefits outlays last July.
Receipts and outlays
- July receipts: $330 billion, up 20% year-over-year; adjusted increase: 12%.
- July outlays: $574 billion, up 16%; adjusted outlays would be 1% lower.
- Interest on debt: $89 billion, up 21%; average interest rate: 3.33%. Interest costs are 32% higher than last year
- Spending on Social Security are up 6%
Year-to-date:
- Fiscal 2024 year-to-date deficit: $1.517 trillion, down 6% from fiscal 2023.
- Year-to-date receipts: $4.085 trillion, up 11%.
- Year-to-date outlays: $5.602 trillion, up 6%.
This article was written by Greg Michalowski at www.forexlive.com.
