US July federal deficit grows

The U.S Treasury building in Washington

(Reuters) - The U.S. government recorded a $244 billion budget deficit for July, up 10% from a year earlier, but accounting for calendar differences, the gap would have been $45 billion narrower, the Treasury Department said on Monday.

The Treasury said last month's deficit climbed $23 billion from the $221 billion deficit recorded in July 2023. Economists polled by Reuters had projected a $242 billion deficit for July.

The nominal increase was largely the result of lower-than-usual benefits outlays last July - for Medicare in particular - because those payments were made in June 2023 due to the beginning of last July falling on a weekend.

Reuters

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