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U.S. Defict for July OVER $165B!

All I can say is wow! Please don’t tell Congress and Obama what number comes after a trillion! Did Congress and the American people forget how many freaking zeros are in a billion let alone a trillion? A billion is a thousand million! Good grief! Whats even more startling is the U.S. Government took in $139.71 Billion in corporate taxes in the last 10 months of the U.S. Fiscal period! Lets keep taxing business, that will get the economy and jobs back on track.


From WSJ and Dow Jones

Deficit in July Totals $165.04 Billion


The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.

Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.

The government usually runs a deficit during July, which is the 10th month of the fiscal year. So far in fiscal 2010, the government spent $1.169 trillion more than it made. That figure is about $98 billion lower than during the comparable period a year earlier.

For all of fiscal 2009, the U.S. ran a record $1.42 trillion deficit. Fiscal 2010 might run a little higher—the Obama administration sees $1.47 trillion.

Wednesday’s monthly Treasury statement said U.S. government revenues in July totaled $155.55 billion, compared with $151.48 billion in July 2009.

Spending was higher, totaling $320.59 billion. July 2009 spending amounted to $332.16 billion.

Year-to-date revenues were $1.75 trillion, compared with $1.74 trillion in the first 10 months of fiscal 2009. Spending so far in this fiscal year is $2.92 trillion, versus $3.01 trillion in the prior period.

Spending for benefits for the unemployed year to date totaled $121.4 billion; for July, the tab was $9.8 billion, the Treasury statement said.

Years of deficit spending by Washington have led to a mounting national debt. Interest payments so far in fiscal 2010 amount to $185.25 billion; by contrast, corporate taxes collected by the government during the same 10 months were $139.71 billion. Interest payments in July alone were $19.9 billion.

Write to Jeff Bater at jeff.bater@dowjones.com and Darrell A. Hughes at darrell.hughes@dowjones.com


Written by David Frederick

August 11, 2010 at 9:08 PM

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