The federal government ran a nearly $148 billion budget deficit in August, the U.S. Treasury Department reported Thursday. Spending totaled $333 billion while tax receipts came in at $185 billion.
The August deficit follows an almost $98 billion deficit in July. But the latest month’s gap between spending and revenue is substantially lower than the $190 billion deficit the government posted in August 2012.
Year to date through August 2013, with one month remaining in the fiscal year, the United States has run a $755 billion budget deficit. In the first 11 months of the 2012 fiscal year, the U.S. posted a $1.16 trillion deficit. That’s about 54 percent higher than this year’s gap between government outlays and receipts.
(Sponsored)
Why Now Is the Time To Start Planning for Your Company’s Business Succession
You’ve built a great business, and you love what you do. Retirement is a long way off, so why worry about how you’ll transition the ownership of your company down
Financial Inclusion through Affordable and Safe Banking Products
Financial inclusion is the accessibility of useful and affordable financial products and services to all individuals and businesses. Financial institutions have made strides in advancing these practices, most recently in
Tax receipts so far this fiscal year are up 13 percent to nearly $2.5 trillion while spending is down almost 4 percent to $3.2 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 capped spending, at least temporarily.
Contact Rombel at arombel@cnybj.com
