US budget deficit drops to $64.4 billion in August
WASHINGTON - The federal government ran up a much smaller budget deficit in August than a year ago, remaining on track to record the smallest annual deficit in eight years.
The Treasury Department says the deficit in August totaled $64.4 billion, a drop of 50 percent from the same month a year ago.
Much of that improvement reflected quirks in timing related to the calendar. Some $42 billion in August benefit payments were made in July because Aug. 1 was a Saturday.
Through the first 11 months of this budget year, the deficit is running 10 percent below last year. The Congressional Budget Office is forecasting that this year's deficit will drop to $426 billion, down 11.8 percent from last year's deficit, as a stronger economy brings in more tax revenue.