The US government budget deficit narrowed to USD 147 billion in March 2019 from USD 209 billion in the same month last year and compared to market expectations of a USD 180 billion gap. Federal spending dropped 10 percent on the year while receipts were up 9 percent.
Total outlays fell 10 percent from a year earlier to USD 376 billion, with social security accounting for USD 87 billion, national defense for USD 58 billion, income security for USD 57 billion, Medicare for USD 53 billion, health for USD 48 billion, net interest for USD 37 billion, veterans' benefits & services for USD 13 billion, education for USD 9 billion, transportation for USD 6 billion and the remaining expenses for USD 7 billion.
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Meanwhile, total receipts rose 9 percent to USD 229 billion, with social insurance & retirement accounting for USD 102 billion, individual income taxes for USD 97 billion, corporate income taxes for USD 9 billion, excise taxes for USD 8 billion, miscellaneous for USD 6 billion, custom duties taxes for USD 5 billion and estate & gift taxes for 1 billion.
The deficit for the current fiscal year was USD 691 billion, higher than a USD 600 billion gap a year earlier.
When adjusted for calendar effects, the deficit remained at USD 691 billion for the fiscal year to date but was USD 603 billion for the comparable year-ago period.