US federal budget deficit for July -$244.00 billion versus -$242.00 billion estimate

  • US budget deficit in July: $244 billion, up 10% from a year earlier.
  • The revised deficit would be $45 billion lower due to calendar differences.
  • The deficit increase was mainly due to lower spending on benefits in July.

Receipts and Expenses

  • July revenue: $330 billion, up 20% year-over-year; adjusted increase: 12%.
  • July spending: $574 billion, up 16%; adjusted spending to be down 1%.
  • Interest on debt: $89 billion, up 21%; Average interest rate: 3.33%. Interest costs are 32% higher than last year
  • Social security spending rose by 6%.

year to date:

  • FY24 deficit to date: $1.517 trillion, down 6% from FY23.
  • Revenue to date: $4.085 trillion, up 11%.
  • Spending to date: $5.602 trillion, up 6%.

This article was written by Greg Michalowski on www.forexlive.com.

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