U.S. 10-Month Budget Gap Narrows on Higher Revenue
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The U.S. government posted a 38 percent smaller budget deficit in the 10 months through July than a year earlier, even as the shortfall last month was wider than economists forecast, the Treasury Department said.
Outlays exceeded receipts by $97.6 billion last month, compared with a $69.6 billion shortfall in July 2012, the Treasury said today in Washington. The result, partly reflecting a difference in the timing of payments in July last year versus this year, compared with the $96 billion median estimate in a Bloomberg survey of 27 economists.