MNI BRIEF: US Posts $1.524T FYTD Deficit, Surplus In August

The Treasury Department Wednesday reported a USD1.524 trillion budget deficit in the first eleven months of the fiscal year, up 61% or USD578 billion compared with this point last year.

The fiscal year-to-date deficit eased from last month as August showed a surplus of USD89 billion. Receipts are down 10% compared to last year while outlays are up 3%. The fiscal year to date interest on public debt stood at a record USD808 billion in August, up USD130 billion or 19% from the same point last year. The interest on the public debt as a percentage of GDP, however, was higher in the 1980s and 1990s. The weighted average interest rate at the end of August was 2.92% relative to 1.97% in the same month last year.

The month of August typically sees a deficit but this month's budget outlays were impacted from a USD319 billion downward modification to the Department of Education Federal Direct Student Loans program.