U.S. Budget Deficit Narrows in July

The United States federal budget deficit declined to about $2.5 trillion during the first ten months of the current fiscal year, compared with $2.8 trillion in the comparable period of last year, data showed on Wednesday.

The U.S. Department of the Treasury reported that the deficit increased to $302 billion last month, reaching a record high for July, compared with $63 billion in July 2020, despite expenditure in July decreasing by 10% on an annual basis to $564 billion.

More spending is expected in the coming months after the Senate passed a mega infrastructure bill yesterday, that is binding the House approval.