WASHINGTON (Sputnik) — The US government ran a deficit of $113 billion in July, a reduction of $36 billion on the same month in 2015, the Department of the Treasury announced on Wednesday.
"Government spending was reduced by 14 percent from July 2015 to $323 billion, and some of the largest cuts were in education and Medicare, the national US health coverage program for the aged," the announcement stated.
Government income was also down by seven percent on July 2015 running at $210 billion, the Treasury Department noted.
For the first ten months of fiscal year 2016, which started in October 2015 and ends in September2016, the US federal deficit totaled $514 billion.
The figure is an increase of 10 percent over the same period in fiscal year 2015, the Treasury Department acknowledged.
