U.S. federal government registered budget deficit of about 69.6 billion U. S. dollars in July, bringing the total budget gap for the first 10 months of this fiscal year near the 1-trillion-dollar mark.
U.S. Treasury Department reported on Friday. U.S. federal government raked in a revenue of 184.6 billion dollars last month, and registered outlays of 254.2 billion dollars.The combined budget deficit in the first 10 months of the 2012 fiscal year, which ends at the end of September, stood at 973.8 billion dollars, 11.5 percent lower than the imbalance for the same period of last fiscal year, according to the report.
US is on way for a deficit of over 1 trillion dollars for the fourth consecutive fiscal year.
U.S. federal government ran a record budget deficit of 1.41 trillion dollars in the 2009 fiscal year and a 1.29-trillion- dollar imbalance in the 2010 fiscal year.The Congressional Budget Office (CBO), a non-partisan budgetary and economic research agency for the U.S. Congress, predicted that the federal government would run a budget deficit of about 1.17 trillion dollars in the current fiscal year, a slight reduction from the 1.3-trillion-dollar budget deficit recorded in the 2011 fiscal year.Media agencies
Facing growing pressures from fiscal challenges brought about by tax hikes and automatic spending cuts scheduled to kick in early next year, Democrats and Republicans at the Congress are still at odds over how to bring the fiscal policy back to a sustainable path.
U.S. Treasury Department reported on Friday. U.S. federal government raked in a revenue of 184.6 billion dollars last month, and registered outlays of 254.2 billion dollars.The combined budget deficit in the first 10 months of the 2012 fiscal year, which ends at the end of September, stood at 973.8 billion dollars, 11.5 percent lower than the imbalance for the same period of last fiscal year, according to the report.
US is on way for a deficit of over 1 trillion dollars for the fourth consecutive fiscal year.
U.S. federal government ran a record budget deficit of 1.41 trillion dollars in the 2009 fiscal year and a 1.29-trillion- dollar imbalance in the 2010 fiscal year.The Congressional Budget Office (CBO), a non-partisan budgetary and economic research agency for the U.S. Congress, predicted that the federal government would run a budget deficit of about 1.17 trillion dollars in the current fiscal year, a slight reduction from the 1.3-trillion-dollar budget deficit recorded in the 2011 fiscal year.Media agencies
Facing growing pressures from fiscal challenges brought about by tax hikes and automatic spending cuts scheduled to kick in early next year, Democrats and Republicans at the Congress are still at odds over how to bring the fiscal policy back to a sustainable path.
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