Deficit Figure Up $28 Billion From Last Year

According to the latest "Monthly Treasury Statement of Receipts and Outlays of the United States Government", the United States posted a deficit of $97.6 billion in the month of July.

Total outlays for the month totalled $297.62 billion, while total receipts were $200.3 billion.

Through the first ten months of the 2013 fiscal year, the United States has posted a deficit of $607 billion on total outlays of $2.895 trillion and total receipts of $2.287 trillion.

In July of 2012, the United States posted a $69.6 billion deficit on outlays of $184.59 billion and receipts of $254.19 billion.

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Let's break down the July 2013 numbers a bit:

Total Receipts - $200.03 billion

Total On-Budget Receipts - $146.265 billion
Total Off-Budget Receipts - $53.765 billion

Total Outlays - $297.624 billion

Total On-Budget Outlays - $237.752 billion
Total Off-Budget Outlays - $59.872 billion

Means of Financing the $97 billion deficit:

Borrowing from the Public - $12.22 billion
Reduction of Operating Cash, Increase - $25.165 billion
By Other Means - $60.21 billion

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Budget Receipts:

Individual Income Taxes - $98.08 billion
Corporation Income Taxes - $7.173 billion
Employment and General Retirement (Off-Budget) - $53.765 Billion
Employment and General Retirement (On-Budget) - $16.263 Billion
Unemployment Insurance - $16.263 Billion
Other Retirement - $269 million
Excise Taxes - $7.211 Billion
Estate and Gift Taxes - $1.577 Billion
Customs Duties - $2.884 Billion
Miscellaneous Receipts - $8.388 Billion

Total Five Budget Outlays:

Department of Health and Human Services - $78.891 Billion
Social Security Administration - $72.777 Billion
Department of Defense (Military Programs) - $48.904 Billion
Interest on Treasury Debt Securities - $25.077 Billion
Department of Veteran Affairs - $11.145 Billion

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Source: Financial Management Service - A Bureau of the United States Department of the Treasury

Filed under: General Knowledge