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Sunday, October 23, 2016

U.S. Deficit Down 35 Percent In First 11 Months Of Fiscal 2013

WASHINGTON (AFP) – The U.S. deficit was down 35 percent to $755 billion in the first 11 months of the fiscal year, after posting an August shortfall of $148 billion, the Treasury said Thursday.

Although larger than the average monthly spending gap, the August deficit was 22.5 percent lower than August 2012, helped by a slight rise in receipts against a sharper fall in spending.

The 35 percent decline over the first 11 months from the same period in the 2012 fiscal year came as receipts rose 13.0 percent to $2.47 trillion while outlays were down 3.9 percent at $3.19 trillion.

Despite the gains in narrowing the deficit from the 2009 full-year high of $1.4 trillion, the administration of President Barack Obama is girding for a tough battle with congressional Republicans in the coming weeks over putting through a new financial plan for fiscal 2014, which begins on October 1.

Republicans are threatening to block the budget to get further spending cuts and reverse Obama’s far-reaching health reforms.

But the battle threatens to shut down parts of the government if a new budget cannot be passed.

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