The Fiscal 2017 Deficit Through June
/The chart below tracks the monthly surplus or deficit recorded by the U.S. government for Fiscal 2017, which ends on September 30, 2017.
The deficit for June 2017 was $93 billion higher than June 2016. Since July 1st fell on Saturday, certain payments that would typically have occurred in July were paid in June. This accounted for $44 billion of additional June spending. Excluding the timing difference, the June deficit was $49 billion more than June 2017.
Overall, revenues for the first nine months of Fiscal 2017 were 2% more than Fiscal 2016, but total spending increased by 6%. This mismatch of spending growth in excess of revenue growth is fueling a larger deficit. Although the Congressional Budget Office (CBO) initially projected the Fiscal 2017 deficit would be less than Fiscal 2016, the CBO now expects the current deficit will be $109 billion more than last year.
Are you concerned that spending is increasing by 6% while revenues are increasing by 2%?