US Budget Deficit Drops to $56.8 Billion

The federal government’s deficit for the first two months of the new budget year is down 21 percent from the same period a year ago, although much of that improvement stems from quirks in the calendar.

The Treasury Department said Wednesday the deficit for November totaled $56.8 billion, a drop of 58 percent from last year’s November deficit of $135.2 billion. For the first two months of the budget year that began Oct. 1, the deficit totals $178.5 billion, an improvement of 21 percent from the same period last year.

However, the calendar heavily influenced the changes by shifting payment dates for various government benefits. Adjusting for those changes, Treasury says the deficit this year is still 6.8 percent lower than last year

In October and November, tax receipts totaled $404.2 billion, 6 percent more than a year ago. Outlays totaled $582.7 billion for the two months, 4 percent below the same period a year ago.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza