The federal government ran a nearly $98 billion budget deficit in July, the U.S. Treasury Department reported Tuesday. Spending totaled $298 billion while tax receipts came in at $200 billion.
July’s deficit follows a $116.5 billion surplus in June. The July deficit is also substantially higher than the nearly $70 billion deficit the government ran in the year-ago period.
But year to date through July 2013, with two months remaining in the fiscal year, the United States has run a $607 billion budget deficit. In the entire 2012 fiscal year, the U.S. posted a nearly $1.1 trillion deficit, including a $974 billion deficit through the first 10 months of the fiscal year. That’s about 37 percent higher than this year’s gap between government spending and revenue.
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Tax receipts so far this fiscal year are up 14 percent to nearly $2.3 trillion while spending is down about 3 percent to almost $2.9 trillion compared to the previous year, according to the Treasury Department data.
Taxes on the wealthy increased at the start of 2013 and a 2 percent payroll tax cut on all workers expired at the same time. Meanwhile, the budget sequester has put a lid on spending, at least temporarily.
