US Federal Budget Deficit Rises 10% to $244 Billion in July, Exceeding Expectations

Aug 12, 2024, 06:03 PM

The United States has recorded a significant increase in its federal budget deficit for July 2024, reaching $244 billion, which is a 10% rise compared to the same month last year. This figure slightly exceeded economists' expectations of a $242 billion deficit. The Treasury Department noted that the increase in the deficit is partly due to higher spending, with budget outlays at $574 billion, up from $497 billion in July 2023. The federal budget balance for July was recorded at -$244 billion, compared to -$66 billion in the previous period. The July 2023 deficit was $221 billion, and the fiscal 2024 year-to-date deficit is $1.517 trillion.