U.S. Narrows Budget Deficit In August To $64 Billion

The federal government ran a budget deficit of $64 billion in August, the Treasury Department reported Friday. That's $64 billion lower than the August 2014 shortfall. Much of the improvement was due to shifts in the timing of certain benefit payments, however. Without those, the August deficit would have been $112 billion, Treasury said. The government spent $275 billion in August, while total receipts were $211 billion. For the fiscal year to date, the deficit is $530 billion, which is 10% lower than the year-ago period. The government's budget year runs from October to September.