On Tuesday, the Treasury Department released its monthly budget statement, which showed a $94.59 billion deficit in July. While economist originally predicted a deficit of $96 billion, the actual number represents a 3 percent decrease from the same month last year. Today’s Breaking It Down will take a further look at the report.
- For The First Ten Months Of FY 2014, The U.S. Deficit Is $460.45 Billion. According to The Wall Street Journal, “The federal government’s deficit from October through July totaled $460.45 billion, down 24% from the same period a year earlier, the U.S. Treasury Department said Tuesday. The federal fiscal year began Oct. 1. The year-to-date deficit was the smallest since 2008, when the U.S. economy was in recession.”
- For The First Ten Months Of FY 2014, Federal Spending Has Increased 1 Percent. For the first ten months of the year the federal government spent $2.93 trillion. This is number is up one percent compared to $2.89 trillion spent over the first ten months of FY 2013.
- For FY 2014, The Government Has Taken In 8 Percent More Taxes Than The Same Period Last Year. According to the report, the federal government took in $2.47 trillion in taxes for the first ten months of this year. This number is up 8 percent from the same period of FY 2013, when taxes totaled $2.29 trillion.
- Fiscal Picture Brightening In The Short Term. The Wall Street Journal noted, “In April, the Congressional Budget Office forecast a $492 billion deficit at the end of the fiscal year. That would be equivalent to 2.8% of gross domestic product, which would mark the smallest deficit since 2007. The deficit has averaged roughly 3.2% of GDP since 1980. The deficit exceeded $1 trillion from 2009 through 2012. The CBO projects that after narrowing again next year the deficit will begin to expand later in the decade and again top the $1 trillion mark by 2023.”