U.S. deficit far greater than year ago
The U.S. government ran a monthly budget deficit of $116.97 billion in August, up 81 percent from a year earlier, the Treasury Department said Thursday.
In its monthly budget report, the agency said outlays were a record $283.52 billion last month, up 30 percent from one year earlier, the Wall Street Journal said.
The report said federal spending was elevated because the Labor Day holiday was at the top of September, and pushed Social Security and Medicare payments into the month of August.
Treasury's monthly budget statement shows the August deficit was 81 percent higher than a $64.72 billion deficit in August 2006. The government ran a deficit of $36.45 billion in July 2007.
The August deficit figure was higher than the Congressional Budget Office's estimate of a $115 billion shortfall during the month.
Individual income tax receipts totaled $1.042 trillion in fiscal 2007 through August, up 12 percent from the same period in 2006, the department said. // Copyright 2007 by United Press International
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