Economic Report: U.S. runs August budget deficit of $108 billion, Treasury says

The U.S. federal budget deficit was just slightly higher this August than in the same month last year, the Treasury Department said.

The federal government ran a budget deficit of $108 billion in August, the Treasury Department said Wednesday, just slightly more than in the same month a year ago.

For the fiscal year to date, however, the shortfall is running well ahead of where it was in August of last year. Through this August, the deficit is $674 billion, up 9% from the year-ago period. The government’s budget year runs October through September.

So far this fiscal year, spending is up 3% compared to a year ago, and receipts are up 2%.

The Treasury said that, if not for timing-related issues including one less Friday in fiscal 2017, the year-to-date shortfall would have been higher, at $705 billion.

In August, receipts of individual taxes declined by 1% as overall receipts dipped by 2%. Spending in the month fell 1%, with spending down notably on agriculture, education and other programs.

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