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Tuesday, July 13, 2010

Budget Deficit: Going for Broke

The Good = An Improvement

BusinessWeek details:

The U.S. government posted a smaller budget deficit in June compared with the same month last year as the economic recovery brought in more tax revenue.

The excess of spending over receipts fell to $68.4 billion last month from $94.3 billion in June 2009, according to a Treasury Department report issued today in Washington. It was the 21st consecutive shortfall. For the fiscal year to date, the budget deficit totaled $1 trillion compared with $1.42 trillion during the prior year to date.
The Bad = The Levels

Treasury receipts in the first 9 months of fiscal year 2010 equaled $1.6 trillion. Just about the same level as in 2001, when spending was 54% of current levels.



Source: Treasury