US budget deficit in July involved 244 billion dollar benefit payments, up 10% from the previous year

August 13, 2024 6:01 AM GMT+9

As for the July fiscal balance announced by the US Treasury Department on the 12th, the deficit increased 10% from the same month last year to 244 billion dollars.
The economist forecast compiled by Reuters is a deficit of 242 billion dollars. There was a deficit of 221 billion dollars in the same month of the previous year.
The main reason for the increase was that payments of benefits such as the public health insurance “Medicare” for the elderly were lower than normal in July last year, and payments were brought forward to June.
July revenue increased 20% to 33 billion dollars, and expenditure increased 16% to 574 billion dollars.
In the cumulative total up to July of the fiscal year 2024 (October 23 to September 24), the deficit decreased 6% to 1,517 billion dollars. Revenue increased 11% to 4,085 billion dollars, and expenditure increased 6% to 5.60 trillion dollars.