U.S. government posts $8 billion deficit in June

The United States government budget gap declined majorly to $8bn in June this year from $75bn in same month previous year, as per a data released by Treasury Department on Thursday.

Market analysts had expected a deficit of $6.35bn for this June.

The Treasury Department said that the federal spending decreased to $342bn, by around 12 percent from June last year, with national defense accounting for $51bn, social security for $93bn, health for $48bn, education for $36bn, net interest for $40bn, income security for $24bn, transportation for $9bn, medicare for $22bn, veterans’ benefits and services for $8bn and rest of the expenses for $11bn.

On the other hand, the receipts were $334bn, an increase by 5.6 percent compared from same month last year, with social insurance and retirement accounting for $121bn, individual income taxes for $141bn, corporation income taxes for $51bn, miscellaneous for $7bn, excise taxes for $7bn, custom duties for $6bn and estates and gift taxes accounting for $1bn.

The budget deficit for the present fiscal year was $747bn, higher than compared to the $607bn seen in the previous fiscal year.

When altered for the calendar effects, the budget deficit for the month of June this year was $55bn than compared to June 2018’s altered $30bn deficit.

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