U.S. Runs $149 Billion Budget Deficit In July

The federal government ran a budget deficit of $149 billion in July, the Treasury Department said Wednesday. The shortfall was $55 billion higher than in the same month a year ago. In July, the government spent $375 billion, up $66 billion, or 21%, from last July. Some of the biggest spending increases were for Medicare and education programs. Revenues were $225 billion, up $11 billion, or 5%. Most of the increase was from individual income and payroll taxes. For the fiscal year to date, the deficit is $466 billion, compared to $460 billion in the year-ago period. The government's fiscal year runs from October to September.