U.S. Deficit Grows in July on Higher Medicare, Veterans Payments

(By – Kasia Klimasinska,  www.bloomberg.com)

The U.S. budget deficit jumped 58 percent in July from a year earlier on higher spending, as August payments for veterans, retirees and health-care beneficiaries were accelerated. Outlays exceeded revenue by $149.2 billion in July, compared with $94.6 billion shortfall in the same month a year earlier, Treasury Department figures released Wednesday showed. Because Aug. 1 fell on a weekend, Social Security and other payments due that day went out earlier, the department said. The deficit for the first 10 months of the fiscal year widened to $465.5 billion from $460.5 billion in the same period a year ago. Read more…


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