The US budget deficit hit $214.1 billion in August, which is double the amount compared to the same period a year ago, the Treasury Department's Bureau of the Fiscal Service said in a monthly report released on Thursday.
WASHINGTON (Pakistan Point News / Sputnik - 13th September, 2018) The US budget deficit hit $214.1 billion in August, which is double the amount compared to the same period a year ago, the Treasury Department's Bureau of the Fiscal Service said in a monthly report released on Thursday.
The report shows the US budget reached $214.1 billion in August compared to $107.6 billion in August 2017.
The large deficit is a result of Federal benefit payments pushed into August instead of September, the report explained.
Outlays for military active duty and retirement, veterans' benefits, supplementary social security income and Medicare payments to health maintenance organizations and prescription drug plans accelerated into August because September 1, 2018 - the normal payment date - fell on a non-business day, the report said.
Social Security benefits also accelerated into August since the payment date of September 3, 2018 fell on a holiday, the report added.
