Make Kitco Your Homepage

U.S. Government Posts $108 Billion Deficit in August

Kitco News

WASHINGTON (Reuters) - The U.S. government recorded a $108 billion deficit in August, the Treasury Department said on Wednesday.

That compared with a budget deficit of $107 billion the same month one year earlier, according to Treasury’s monthly budget statement.

Economists polled by Reuters had forecast the Treasury reporting a $119.5 billion deficit last month.

When accounting for calendar adjustments, the deficit last month was $97 billion compared with an adjusted deficit of $107 billion the prior year.

The deficit for the fiscal year to date was $674 billion, compared to $619 billion in the same period of fiscal 2016. On an adjusted basis, the fiscal-year-to-date deficit was $705 billion last month versus $619 billion in the year-earlier period.

Receipts last month totaled $226 billion, down 2 percent from one year ago, while outlays were $334 billion, a 1 percent decline from the same month a year earlier.

The decision last week by Congress to suspend the nation’s debt limit through Dec. 8 eased pressure on the Treasury, which had been due to exhaust its borrowing capacity around the end of September.

Due to Treasury’s ability to use emergency cash measures, the vote effectively suspended the issue until at least spring 2018.

Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News

Credit Card Promo