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US govt records $215 bn budget deficit in Feb as revenues fall, outlays up

The deficit for the fiscal year, which began in October, was $391 billion, compared to a deficit of $351 billion in the same period of fiscal 2017

Reuters  |  Washington 

Photo: Reuters
Photo: Reuters

The had a $215 billion budget shortfall in February as into the government's coffers fell and outlays increased, the said on Monday.

That compared with a of $192 billion in the same month last year, according to Treasury's monthly budget statement.

Economists polled by Reuters had forecast the Treasury recording a $216 billion deficit last month.

The deficit for February was not affected by timing-related transactions.

The deficit for the fiscal year, which began in October, was $391 billion, compared to a deficit of $351 billion in the same period of fiscal 2017.

When accounting for calendar adjustments, the deficit for the fiscal year to date was $448 billion, compared to an adjusted total of $390 billion for the prior fiscal year.

A combination of tax cuts passed by the late last year and an increase in government spending agreed in early February are set to add to the nation's budget gap with $1 trillion annual deficits on the horizon.

There were four consecutive $1-trillion deficits under former But they resulted from a historic financial crisis, a recession and stimulative spending. Last year's annual fiscal deficit was $666 billion.

Receipts last month totalled $156 billion, down 9 per cent from February 2017, while outlays stood at $371 billion, an increase of 2 per cent from the same month a year earlier.

First Published: Tue, March 13 2018. 07:32 IST
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