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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