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)

Local Headlines

in Local

I-90 Accident

Minnesota State Patrol

A Sherburn woman is injured in an accident on Interstate 90...

in Local

O’Brien County Accident

o brien county

A two vehicle accident results in possible injuries...

in Local

ILCC Trustees Recap

ilcclog

The Iowa Lakes Community College Board of Trustees met in Estherville Tuesday afternoon...

in Local

Fine Arts Center Bids Opened

finearts

The school board will take up acceptance of the bid for the fine arts center and auditorium project next month...

in Local

Spencer Death Investigation Concluded

Spencer Police 1280

The death of a young woman in Spencer Monday evening was the result of self inflicted injuries...