The Treasury Department announced a deficit of $98 billion for July, according to a report (link opens as PDF) released today.
After June's report clocked in as the largest surplus for a single month in five years, July's report proved just slightly off the money, with analysts expecting a $96 billion deficit.
Overall receipts (inflow) totaled $200 billion for July, while total outlays clocked in at $298 billion.
So far this fiscal year, the deficit has totaled $607 billion, according to the Treasury. That's 62% of the nation's total deficit for the same period in the previous fiscal year. The country's fiscal year starts Oct. 1. While receipts so far this year are up 14% seasonally adjusted over the same period the previous year, government spending has taken only a slight 3% dip.
The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year's $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008. Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
-- Material from The Associated Press was used in this report.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.