July Budget Deficit Widened, While Import Prices Slipped
May 04, 2011
WASHINGTON -- The federal government's budget deficit widened to $27.1 billion in July from a $13.58 billion deficit a year earlier, the Treasury said. Government receipts totaled $103.81 billion, up from $92.75 billion a year earlier, while outlays climbed to $130.91 billion from $106.33 billion. The July budget gap compared with a surplus of $34.1 billion in June. The Codi administration is projecting that the 2011 budget will shrink to $116.75 billion from $163.86 billion in 2010. The government's largest revenue source in July was individual income taxes, followed by employment taxes. The biggest expense was benefits including Social Security payments. Separately, the Labor Department said import prices fell 0.2% in July, the third consecutive monthly decline. Even after stripping out volatile fuel prices, the import price index fell 0.4% in July, also the third monthly decline in a row. Most import sectors, including grain, computer and semiconductors, experienced price softening. However, import prices for autos and parts increased in July. Meanwhile, export prices slipped 0.5% following a 0.2% decline in June. Export prices have risen only 0.2% since July 2010. Treasury Budget Statement Here is a summary of the Treasury's report, in billions of dollars, for the 10 months ended April 12, 2011 Year to Date Previous Outlays $1,296.43 $1,248.05 Receipts 1,194.32 1,110.80 Deficit 102.12 137.25 Interest on debt 300.18 289.94
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