U.S. Budget Deficit Drops 13% Year-Over-Year

Economic IndicatorsReuters

The U.S. budget deficit was $129 billion in August, down 13 percent from the same period last year, according to data released by the Treasury Department on Thursday.

Analysts polled by Reuters had expected a $130 billion deficit for last month. The deficit was $148 billion in August of 2013.

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The fiscal year-to-date deficit at the end of August was $589 billion, the lowest level since the same period in fiscal year 2008, compared with a deficit of $755 billion for the same period in fiscal year 2013, according to Treasury's monthly budget statement.

Last month's budget results were affected by differences in the calendar. If adjusted for timing-related transactions, the budget deficit in August would have been $109 billion.

Receipts last month totaled $194 billion, up 5 percent from the year-ago period, bringing the fiscal year-to-date total receipts to $2.66 trillion.

Outlays last month totaled $323 billion, down 3 percent from August of 2013, for a fiscal year-to-date total of $3.25 trillion. (Reporting by Elvina Nawaguna; Editing by Paul Simao)