Re: Federal Deficit for July Narrowed As Revenue Hit Record for Month
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He's just ticked about this in particular:
For the first 10 months of fiscal 2005, the U.S. government is running a $302.59 billion deficit, much smaller than the $396.32 billion deficit the U.S. was running at this point in fiscal 2004. The current fiscal year ends Sept. 30.
and this in general.
Federal Deficit for July Narrowed
As Revenue Hit Record for Month
By DEBORAH LAGOMARSINO
DOW JONES NEWSWIRES
August 11, 2005
WASHINGTON -- Buoyed by record revenues, the federal government ran a monthly budget deficit of $52.79 billion in July, down from $69.16 billion a year earlier, the Treasury Department said.
Last month's deficit was smaller than the Congressional Budget Office's projection for a $58 billion budget gap and was the smallest for that month since 2002. A budget surplus in June was unrevised at $22.43 billion.
Receipts totaled $142.09 billion in July, the most ever for that month, up 5.7% from $134.42 billion a year earlier, but down from $234.81 billion the previous month.
Outlays totaled $194.88 billion in July, down 4.3% from $203.58 billion a year ago and down from $212.38 billion the previous month, Treasury said.
For the first 10 months of fiscal 2005, the U.S. government is running a $302.59 billion deficit, much smaller than the $396.32 billion deficit the U.S. was running at this point in fiscal 2004. The current fiscal year ends Sept. 30.
CBO has said the fiscal 2005 budget deficit will be significantly less than $350 billion and possibly below $325 billion. CBO will issue updated budget projections Aug. 15. The White House has projected the budget gap this year will narrow to $333 billion from a record $412 billion last year.
So far this fiscal year, the government has taken in more receipts than it did at this point in fiscal 2004, but it has also spent more so far this fiscal year than at this point in the previous fiscal year. Individual income tax receipts totaled $756.13 billion in fiscal 2005 through July, up 15.1% from $656.98 billion at this point in fiscal 2004.
The government in July paid $15.76 billion in net interest on the federal debt. Net interest excludes interest paid on nonmarketable government securities held by federal trust funds, such as Social Security. The government has paid $156.52 billion in net interest on the federal debt so far this fiscal year, up from $139.39 billion at this point last year.
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Thanks for the info. Do you have the deficit numbers from the years prior to GWB's presidency?
I'm glad we're all learning something here!
-ptmusic
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