The U.S. government recorded a $244 billion budget deficit for July, a 10% increase compared to the same month last year. However, after adjusting for calendar differences, the deficit would have been $45 billion narrower, according to the Treasury Department on Monday.
The Treasury reported that last month’s deficit rose by $23 billion from the $221 billion deficit recorded in July 2023. Economists surveyed by Reuters had anticipated a $242 billion deficit for July.
The nominal increase was primarily due to lower-than-usual benefits outlays in July of the previous year, particularly for Medicare, because those payments were made in June 2023 since the beginning of July fell on a weekend.
Considering these and other adjustments, the Treasury noted that last month’s deficit would have been 16% lower than the July 2023 gap.
July receipts totaled $330 billion, a 20% increase from a year earlier, though when adjusted for deferred tax receipts, the increase would have been 12%.
July outlays rose by 16% to $574 billion, driven by a $72 billion increase in Medicare spending. However, last year’s outlays were artificially low due to payments being made at the end of June 2023. With those and other adjustments, outlays would have been 1% lower.
Meanwhile, federal debt service costs continue to climb. Interest on the debt increased by 21% to $89 billion last month, with the weighted average interest rate rising by 49 basis points to 3.33%, according to a Treasury official.
For the first 10 months of the 2024 fiscal year, the U.S. deficit decreased by 6% to $1.517 trillion, down from $1.614 trillion in the same period of fiscal 2023. The government’s fiscal year ends on September 30.
Year-to-date receipts increased by 11% to $4.085 trillion, while outlays for the same period rose by 6% to $5.602 trillion, according to the Treasury.
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