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Intraday Economic News: U.S. Budget Gap Widens To $82.7 Billion In April May 10 Product Image

Intraday Economic News: U.S. Budget Gap Widens To $82.7 Billion In April May 10

  • ID: 1885967
  • May 2010
  • Region: United States
  • Standard & Poors

Abstract
The U.S. budget deficit widened to $82.7 billion in April-much worse than the $20 billion expected by the market or last April's $20.9 billion. Receipts dropped 8% to $245.3 billion from a year ago, while outlays rose 14.2% to $328.0 billion. Through the first seven months of fiscal 2010, the deficit has totaled $800.0 billion, about the same as the $802.3 billion for the same period in fiscal 2009. Receipts were much lower than expected; April is the main tax collection month, and the receipts trend through March had been upward. We expect the fiscal 2010 deficit to be near the $1.4 trillion record set last year. (Watch the related video titled, "Economic Update: Disappointing Deficits," dated May 12, 2010.)...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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