Saturday, May 30, 2015Saturday, May 30, 2015

US budget deficit falls to $120 billion in July

Published on Aug 13, 2014 2:09 AM
The US budget deficit in July was 3 per cent lower than what it was at the same time last year. -- PHOTO: AFP

WASHINGTON (REUTERS) - The US budget deficit was US$95 billion (S$120 billion) at the end of July, down 3 per cent from the same period last year, according to data released by the Treasury Department on Tuesday.

Analysts polled by Reuters had expected a US$96 billion deficit for last month. The deficit was US$98 billion in July of 2013.

The fiscal year-to-date deficit at the end of July was US$460 billion, the lowest level since the same period in fiscal year 2008, compared with a deficit of US$607 billion for the same period in fiscal year 2013, according to Treasury's monthly budget statement.

Last month's budget results were affected by differences in the calendar. If adjusted for timing-related transactions, the budget deficit in July would have been US$86 billion.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!