Should the Budget Deficit Be a Top Concern for Americans?
America’s budget deficit increased from $97.6 billion in July to $147.9 billion in August, according to the U.S. Treasury Department, about 22 percent lower than August of last year. Total receipts increased 3.6 percent on the year to $185 billion, while total outlays declined 9.8 percent to $333 billion.
This year to date, total receipts of $2.472 trillion are about 13 percent higher than the same period in 2012. Meanwhile, total YTD outlays have declined about 3.7 percent to $3.227 trillion. The YTD deficit is $755 billion, 35 percent below its level at this time last year. The U.S. is on track to log a deficit of below $1 trillion, a milestone set by many policymakers during the fiscal cliff negotiations, and one welcome windfall from the sequestration. Keep in mind — the government’s fiscal year ends in September.
Individual income taxes collected are up 15.8 percent YTD while corporation income taxes collected are up 16.1 percent. Social insurance and retirement receipts are up about 17.8 percent YTD.