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)

Latest Headlines

in Lifestyle

Bill Gates is still the world’s richest man

billgates

The co-founder tops the list with a whopping $79 billion in net worth.

in Music

Mumford & Sons announce third album

mumford

"Wilder Mind" is due out May 4.

in Lifestyle

NY couple married 82 years celebrates joint birthday

17-overlay1

Duranord Veillard turned 108 on Saturday and his wife, Jeanne will be 105 in May.

in Music

New music now comes out on Fridays

music

For decades, new music releases came out on Tuesdays, but not anymore.

in Entertainment

‘Focus’ reigns supreme at weekend box office

focus

Will Smith has whipped "Fifty Shades of Grey" in the box office race.