9/12, 8:00 PM (Source: TeleTrader)
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US 2019 federal budget deficit tops $1T in August

The United States budget deficit increased to $200 billion from $120 billion in the previous month, the US Treasury Department said in a release on Thursday.

Total receipts in July fell by 34% year-on-year to $228 billion and total outlays were at $428 billion, jumping 91% from August 2018. Most of the receipts came from individual income taxes and social insurance and retirement while the outlays were mostly attributed to social security ($88 billion), Medicare ($85 billion), national defense ($64 billion) and health ($49 billion).

Looking at the year-to-date figures for fiscal 2019, the deficit stood at $1.07 trillion with receipts at $3.09 trillion and outlays at $4.16 trillion. The total fiscal year-to-date deficit increased by 37% from the same period last year.

Breaking the News / MD