Treasury Budget Deficit Shrinks, But Spending Still Rises
The U.S. Treasury Budget for July was announced Tuesday afternoon. Tuesday’s results followed close enough to analysts’ expectations that it should not rock the boat too much in either direction. The Treasury reported a $94.59 billion deficit for the month of…
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The budget level also fell squarely within the range of economist estimates, which was -$100.0 to -$90.0 billion.
We are now ten months into Uncle Sam’s 2014 fiscal year. It might look like good news that the deficit is down 24% from 2013 so far, at -$460.5 billion versus -$607.4 billion. Total receipts have come in up 8% to $2.469 trillion, while total spending is up 1% to $2.93 trillion. Despite the good news, spending has still grown.
The 10-year historical average for July was not far off from predicting what the Treasury released today — at a deficit of $93.7 billion which was only 1% off. The July budget level from the previous year was reported as a $97.6 billion. However, over the past 5 years this average climbs to $128.5 billion.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
