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August US budget deficit shrinks as incomes recover

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The United States Department of the Treasury is seen in Washington, DC, the United States on August 30, 2020. REUTERS / Andrew Kelly

WASHINGTON, Sept.13 (Reuters) – The U.S. government posted a budget deficit of $ 171 billion for August on Monday, down 15% from the $ 200 billion gap a year ago, so that recovery-related tax revenue has grown faster than spending for COVID-19 pandemic relief programs, the Treasury Department said.

August’s deficit was $ 2 billion lower than analysts’ average forecast in a Reuters survey. A US Treasury official said the August budget results would not change the department’s estimates as to when extraordinary Treasury funding measures to avoid exceeding the $ 28.4 trillion debt limit would be. exhausted.

US Treasury Secretary Janet Yellen last week urged Congress to raise or suspend the debt limit, saying “cash and extraordinary measures will be depleted during the month of October”, leaving the government unable to fully pay its obligations. Read more

Revenue in August rose 20% from the previous year period to $ 268 billion, while spending for the month rose 4% to $ 439 billion. Some $ 59 billion in August benefits were paid in July because the month started on a non-working day.

For the first 11 months of fiscal 2021, the deficit totaled $ 2.711 trillion, down 10% from $ 3.007 trillion for the same period last year as revenues improved .

Year-to-date revenue increased 18% from the same period last year to $ 3,586 billion, while spending increased 4% to $ 6,297 billion.

Reporting by David Lawder; Editing by Paul Simao

Our Standards: Thomson Reuters Trust Principles.

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2/ https://www.reuters.com/business/us-august-budget-deficit-falls-revenues-recover-2021-09-13/

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