U.S. July budget deficit down 30% as COVID spending falls, revenues edge up

WASHINGTON (Reuters) – The U.S. authorities posted a $211 billion finances deficit for July, a 30% drop from the $302 billion deficit reported in the identical month final 12 months, as receipts grew barely and COVID-19 reduction spending fell sharply, the Treasury Division stated on Wednesday.

The Treasury stated that receipts in July grew 3% from a 12 months earlier to $269 billion, whereas outlays fell 15% to $480 billion.

For the primary 10 months of fiscal 2022, the deficit fell 71% to $726 billion from $2.54 trillion within the prior-year interval, which contained the majority of the spending from President Joe Biden’s $1.9 trillion American Rescue Plan Act.

(Reporting by David Lawder; Modifying by Paul Simao)