.S. July budget deficit nearly doubles 19.08.2003 20:44 Headlines
WASHINGTON (AFX) -- The U.S. federal budget deficit nearly doubled to $54.2
billion in July from $29.2 billion a year ago, the Treasury Department said
Tuesday.
The deficit was larger than both the market consensus of $42.0 billion and the
expectations of the Congressional Budget Office, which August 8 predicted a
$53.0 billion deficit for the month.
In July, government income totaled $123.6 billion, compared with $134.4 billion
a year ago. Government spending totaled $177.8 billion, compared with $163.6
billion a year ago.
So far in fiscal year 2003, the federal deficit has totaled $324.0 billion,
compared with $145.5 billion a year ago. Receipts fell 3.9 percent so far this
year to $1.48 trillion, while outlays rose 7.1 percent to $1.80 trillion. .
Analysts said the larger deficit is the result of several factors, including a
sluggish economy and recently enacted tax cuts.
The White House has forecast a record $455 billion dollar budget deficit for
fiscal year 2003, which ends September 30. For fiscal year 2004, which runs from
October 1 to September 30 next year, the administration is predicting a $475
billion shortfall. .
The non-partisan CBO earlier this month projected that the U.S. would record a
$401 billion deficit this fiscal year. .
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.