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U.S. budget surplus widens in September

Staff Writer |
The U.S. government budget surplus went up to USD 119 billion in September 2018 from USD 8 billion in the same month of the previous year, above market expectations of USD 71 billion.

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Outlays declined 34.1 percent from a year earlier and totaled USD 224 billion, as social security accounted for USD 58 billion, defense for USD 54 billion, Medicare for USD 26 billion and other outlays for USD 93 billion, while interest on debt represented USD -7 billion.

Meantime, receipts decreased at a softer 1.5 percent to USD 344 billion, as individual income taxes accounted for USD 162 billion, social security and other payroll taxes for USD 100 billion, corporate income taxes for USD 42 billion and other taxes and duties for USD 40 billion.

When accounting for calendar adjustments, the government's surplus was USD 59 billion compared to USD 56 billion in the same month of the previous year.

The gap for the full fiscal year 2017/18 was USD 779 billion, compared to a shortfall of USD 666 billion in the previous fiscal year 2016/17. It was the biggest budget deficit since 2012.

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