08/12/2024
YOU NEED TO THINK ABOUT THIS WHEN VOTING. BIDENOMICS AT WORK.
Treasury Budget shows larger deficit than prior year
3:35 PM ET 8/12/24 | Briefing.com
The major indices continue to slide sideways ahead of the close.
The Treasury Budget for July showed a deficit of $243.7 billion compared to a deficit of $220.8 billion in the same period a year ago. The July deficit resulted from outlays ($574.1 billion) exceeding receipts ($330.4 billion). The Treasury Budget data is not seasonally adjusted so the July deficit cannot be compared to the June deficit, which was revised higher to $70.9 billion (from -$66.0 billion).
The key takeaway from the report is that the U.S. government continues to run large budget deficits, driven in part by net interest costs that are outweighing defense spending.
