Wednesday, August 13, 2014

Federal Deficit through July Lowest Since 2008

According to data released by the Treasury Department, the deficit thus far for fiscal year 2014 is at the lowest level since 2008. The decline in the deficit is due solely to increased revenues.

The Federal Government earned $211 billion in revenue during July, a 5% increase from year ago levels. Federal spending has also increased, but at a slower pace. The government spent $305 billion in July, a 3% increase from year ago levels.

A large portion of Government revenue came from the Federal Reserve, which paid Treasury $4 billion more in July 2014, as compared to July 2013. The Congressional Budget Office attributed the larger payment to a larger Federal Reserve portfolio with higher yields.

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