The government's deficit deepened by $76.9 billion in July to slightly exceed Econoday's consensus for $73.5 billion. Ten months into the government's fiscal year, the deficit is at $684.0 billion which is 20.8 percent deeper than a year ago.
Spending is up a fiscal year-to-date 4.4 percent, at $3.450 trillion, and includes a 20.4 percent rise in net interest reflecting rising debt-service expenses, a 5.6 percent increase in defense, a 4.5 percent rise in Social Security and 3.5 percent increase in Medicare.
Fiscal year-to-date receipts are up 1.0 percent, at $2.766 trillion, with percentage gains led by customs duties, which rose 14.2 percent, to $32.5 billion, and excise taxes, up 8.5 percent to $70.8 billion. Tax receipts this fiscal year are up 7.8 percent for individuals, at $1.415 trillion so far, and down 28.5 percent for corporations, at $166.0 billion.