Saturday, September 30

US July budget deficit down 30% as COVID spending falls, revenues edge up

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WASHINGTON — The US government posted a $211 billion budget deficit for July, a 30% drop from the $302 billion deficit reported in the same month last year, as receipts grew slightly and COVID-19 relief spending fell sharply, the Treasury Department said on Wednesday .

The Treasury said that receipts in July grew 3% from a year earlier to $269 billion, while outlays fell 15% to $480 billion.

For the first 10 months of fiscal 2022, the deficit fell 71% to $726 billion from $2.54 trillion in the prior-year period, which contained the bulk of the spending from President Joe Biden’s $1.9 trillion American Rescue Plan Act. (Reporting by David Lawder Editing by Paul Simao)