Deficit Up $22.9 Billion in July
The federal budget deficit surged to $22.9 billion in July after posting a rare surplus the previous month, the Treasury Department reported today.
The July deficit followed a $9.3-billion surplus in June, when quarterly income tax payments by businesses and individuals put the government’s ledger books into the black. For the first 10 months of the fiscal year that began last Oct. 1, the federal deficit totaled $142 billion, virtually identical to the $142.9 billion deficit recorded during the same period last year.
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