U.S. Deficit Shrinks Unexpectedly to $37 Billion for March
The Treasury Department today announced a deficit of $36.9 billion for March.
After clocking in at $193.5 billion in February, this latest improvement came as a welcome surprise. Analysts had expected only a slight narrowing to $133 billion.
Overall March receipts (inflow) totaled $216 billion, while total outlays clocked in at $253 billion. As might be expected, individual income taxes added the most to March's s receipts ($71 billion). For the same period, the Social Security Administration was the biggest spender (also $71 billion), followed by the Department of Health and Human Services ($60 billion) and the Department of Defense ($45 billion).
From a slightly longer-term perspective, the fiscal year-to-date deficit clocked in at $413 billion. That's well below last March's $600 billion fiscal-year-to-date deficit. The country's fiscal year starts Oct. 1.
This latest report's fiscal year-to-date improvement is two-fold: Receipts are up to $1.32 trillion, compared to $1.20 trillion, while spending is down to $1.73 trillion from last year's $1.80 trillion bill.
Looking ahead, the Congressional Budget Office forecasts the annual deficit will be $649 billion when the budget year ends on Sept. 30, and down to $564 billion by Sept. 30, 2015.
The article U.S. Deficit Shrinks Unexpectedly to $37 Billion for March originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.