Federal Budget Deficit Narrowed in July
The government ran a deficit of $211 billion as revenue rose 3%
WASHINGTON—The federal deficit narrowed by 30% in July compared with a year earlier, as the government reported a $211 billion monthly gap between revenue and spending.
The drop in the deficit this year is the product of the end of a burst of federal spending last year and rising government revenue this year. Government outlays fell 15% to $480 billion in July after programs administered last year such as expanded unemployment benefits ended, the Treasury Department said Wednesday. Government revenue, not adjusted for calendar differences, rose 3% to $269 billion.