U.S. budget deficit widens sharply in August
Outlays rose 23 percent to $338 billion while receipts increased at a slower 9.5 percent to $231 billion.
In August 2016, outlays totaled $338 billion as social security accounted for $77 billion, Medicare for $55 billion, defense for $49 billion and interest on debt for $26 billion.
Other outlays accounted for the remaining $132 billion. Meanwhile, receipts totaled $231 billion as individual income taxes accounted for $115 billion, social security and other payroll taxes for $89 billion, corporate income taxes for $1 billion and other taxes and duties for the remaining $26 billion.
When accounting for calendar adjustments, August would have shown a $118 billion deficit compared with an adjusted $107 billion deficit in the same month in 2015.
The fiscal year-to-date deficit was $621 billion through August, up 17 percent from a $530 billion deficit a year earlier. ■