$626 Billion Deficit Through First Eight Months of Budget Year

According to the US Department of the Treasury, the United States posted a $138.732 billion deficit in the month of May, up roughly $12 billion from the deficit that was posted in May of last year.

Through the first eight months of the 2013 fiscal year, the federal government has posted a deficit of roughly $626 billion. Here is the monthly breakdown:

October 2012 - $119.995 billion deficit
November 2012 - $172.112 billion deficit
December 2012 - $1.191 billion deficit
January 2013 - $2.883 billion surplus
February 2013 - $203.539 billion deficit
March 2013 - $106.53 billion deficit
April 2013 - $112.889 billion surplus
May 2013 - $138.732 billion deficit

The $626 billion deficit through the first eight months of the 2013 Fiscal Year is roughly $218 billion lower than the deficit that was posted through the same period last year.

Here is how the numbers through May compare to the same period last year:

2012

Receipts - $1.564 Trillion
Outlays - $2.408 Trillion
Deficit - $844 Billion

2013

Receipts - $1.800 Trillion
Outlays - $2.427 Trillion
Deficit - $627 Billion

The deficit is shrinking due to a number of different factors, including:

1) Higher tax revenues as a result of some higher tax rates and increased economic activity

2) Increased remittances to the federal government (Fannie Mae, Freddie Mac)

3) Largely flat government spending

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According to the Congressional Budget Office, the nation is still on track to post a $642 billion deficit for the current fiscal year.

Filed under: General Knowledge