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
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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