Updated: 12-Sep-24 10:48 ET
| August Treasury Budget |
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| Updated: 12-Sep-24 10:48 ET |
Highlights
- The Treasury Budget for August showed a deficit of $380.1 billion compared to a surplus of $89.3 billion in the same period a year ago.
- August has been a deficit month 69 times out of 70 fiscal years because there are no major tax due dates this month.
- The August deficit resulted from outlays ($687 billion) exceeding receipts ($307 billion). The Treasury Budget data is not seasonally adjusted so the August deficit cannot be compared to the July deficit.
Key Factors
- Individual Income Taxes were the largest source of receipts in August ($137 billion), followed by Social Insurance & Retirement Receipts ($131 billion).
- The largest outlays by function were Medicare ($129 billion), Social Security ($124 billion), National Defense ($83 billion), Health ($81 billion), and Net Interest ($80 billion).
- The fiscal year-to-date deficit is $1.897 trillion is 24% higher than the same period a year ago.
Big Picture
- The key takeaway from the report is that the U.S. government continues to run large budget deficits, which necessitates a large amount of Treasury issuance for government funding.
| Category | AUG | JUL | JUN | MAY | APR |
| Deficit (-)/Surplus | -$380.1B | -$243.7B | -$70.9B | -$347.1B | $209.5B |
| Deficit (-)/Surplus Fiscal YTD | -$1897.1B | -$1516.0B | -$1268.3B | -$1202.3B | -$855.2B |
| Deficit (-)/Surplus over last 12 months | -$2067.8B | -$1598.5B | -$1575.5B | -$1732.3B | -$1625.6B |