WASHINGTON (MarketWatch) -- The U.S. budget deficit shrank to $52.8 billion in July from $69 billion a year ago, the Treasury Department said Wednesday.
The federal deficit was about $5 billion less than the $58 billion estimated by the Congressional Budget Office a week ago. Receipts came in $1 billion more than expected, while outlays were $4 billion less than CBO projected.
Through the first 10 months of the government's fiscal year, the federal deficit has totaled $302.6 billion, $110.3 billion less than at this time in 2004. Read the full report.
For all of 2005, the CBO currently expects a deficit of less than $350 billion, with the agency scheduled to make public an updated forecast next Monday. The White House forecast a deficit of $333 billion.
The July deficit was the lowest for the month since 2002. Receipts were $142.1 billion, a record for the month, up about 6% from last July.
Receipts are up 13.7% in the year to date at $1.75 trillion. Individual income taxes are up 15.1% to $756.1 billion, while corporate income taxes are up 41.7% to $205.9 billion.
Outlays are up about 6.1% at $2.05 trillion for the year to date.
Thanks. There's a lot more work to do, but at least are heading in the right direction. What's most surprising is not the increase in revenues, but the decline in outlays (spending).
Thanks for posting that!!! (reply #11)
"How ya gonna pay for that tax cut for the rich Mr. President", sayeth JFKerry and all other RATS.
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THIS is a 25% drop, which is HUGE. AND President Bush did it without raising taxes, in fact he cut taxes.
I don't understand how some people claiming to be conservatives aren't applauding this.
The Bureau of Public Debt shows that the deficit for this fiscal year is already $503 billion dollars .
I don't see the feds netting $150 billion over the next two months to make up the difference.
It looks like they are cooking the books with these numbers just like they are with inflation, GDP, and employment.