News

Budget deficit falls to $95B

Budget deficit falls to $95B

BUDGET: The fiscal year-to-date deficit at the end of July was $460 billion, the lowest level since the same period in fiscal year 2008, compared with a deficit of $607 billion for the same period in fiscal year 2013, according to Treasury's monthly budget statement. Photo: clipart.com

By Elvina Nawaguna

WASHINGTON (Reuters) – The U.S. budget deficit was $95 billion at the end of July, down 3 percent from the same period last year, according to data released by the Treasury Department.

Analysts polled by Reuters had expected a $96 billion deficit for last month. The deficit was $98 billion in July of 2013.

The fiscal year-to-date deficit at the end of July was $460 billion, the lowest level since the same period in fiscal year 2008, compared with a deficit of $607 billion for the same period in fiscal year 2013, according to Treasury’s monthly budget statement.

Last month’s budget results were affected by differences in the calendar. If adjusted for timing-related transactions, the budget deficit in July would have been $86 billion.

Receipts last month totaled $211 billion, up 5 percent from the year-ago period, bringing the fiscal year-to-date total receipts to $2.47 trillion.

Outlays last month totaled $305 billion, up 3 percent from July 2013, for a fiscal year-to-date total of $2.93 trillion.

(Reporting by Elvina Nawaguna; Editing by Paul Simao)

Recent Headlines

in National

FBI understaffed to tackle cyber threats

fbiwanted

The FBI is struggling to attract computer scientists to its cybersecurity program mainly due to low pay, a report by the U.S. Department of Justice shows.

in Sports

NBA in Africa? ‘Stay tuned,’ for regular-season game

nbaallstar

NBA Commissioner Adam Silver says "stay tuned" for a regular-season game in Africa as Chris Paul and others prepare to play the league's first exhibition on the continent.

in Sports

Boston’s bummer summer: Sox slump, Olympics snub, Brady out

bostonredsox

After the winter of their discontent, it's been one bummer of a summer for Bostonians.

in Sports

WATCH: Annual Virginia pony swim

11-overlay21

"Salt water cowboys" round up dozens of horses for the tradition off the Virginia coast, now in its 90th year.

in National

More millennials staying home with their parents

livingathome

U.S. millennials are more likely to be living with relatives now than before the Great Recession as the job market fails to rebound fully, a report suggests.