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The federal deficit fell to $ 63 billion in July; The deficit since the beginning of the fiscal year is $ 2.81 trillion


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WASHINGTON (Reuters) – The US federal budget deficit fell to $ 63 billion in July, twice less than a year earlier from $ 864 billion in June, as a July 15 tax delay led to higher revenues and spending on aid. communication with the coronavirus has declined sharply. This was announced on Wednesday by the US Treasury Department.

The deficit in July brought the deficit from the beginning of the fiscal year to $ 2.81 trillion compared to $ 867 billion for the same period in 2019 and doubling the record deficit for the whole of 2009 to $ 1.4 trillion.

The budget deficit in July was less than the $ 193 billion deficit forecast by analysts in a Reuters poll. But many analysts still expect the full-year deficit to approach $ 4 trillion. The fiscal year ends September 30th.

Spending in July was $ 626 billion, up from $ 371 billion a year earlier and less than $ 1.1 trillion in June. A Treasury spokesman said the higher figure for June was due to about $ 511 billion in spending recognized on small business loans under the payroll protection program, which fell sharply in July.

Revenues for July more than doubled from last year to $ 563 billion from non-withholding taxes on July 15, a deadline that was postponed from the traditional deadline of April 15 due to the coronavirus epidemic.

Revenue for the 2020 fiscal period since the beginning of the year was $ 2.82 trillion, just under $ 2.86 trillion in the previous period. A Treasury spokesman said it was due to higher earnings earlier this year combined with income replacement assistance, including PPP loans that kept employees on wages, and additional unemployment benefits that were subject to tax.

Report by David Lauder; Editor Paul Simao.


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Source: Reuters

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