US government posts $113 billion deficit in July

The US government posted a USD 113 billion budget deficit in July, a 24 percent drop from the same month last year, the Treasury Department said on Wednesday.

The government had a deficit of USD 149 billion in July 2015, according to Treasury's monthly budget statement.

Analysts polled by Reuters had expected a USD 113 billion deficit for last month.

When accounting for calendar adjustments, July would have shown a USD 101 billion deficit compared with an adjusted USD 107 billion deficit in the same month in 2015.

The fiscal year-to-date deficit was USD 514 billion through July, up 10 percent from a USD 466 billion deficit at the same time last year.

On an adjusted basis, the fiscal year-to-date gap was USD 505 billion last month. That compared with USD 423 billion at the same time last year.

Receipts last month totaled USD 210 billion, a 7 percent decrease from July 2015, while outlays stood at USD 323 billion, a 14 percent fall from the same month a year ago.