The U.S. government's monthly budget deficit unexpectedly widened in July as a decrease in revenues more than offset a decline in spending, according to the Treasury Department's latest report.
The federal government ran a $76.87 billion budget deficit in July, higher than Econoday's consensus forecast of a $73.5 billion shortfall and June's $74.86 billion budget gap.
Total monthly outlays fell to $302.13 billion in July from $391.14 billion in June, but total monthly receipts dropped to $225.27 billion from $316.28 billion over the same period.
For the fiscal year-to-date that will end in September, the Treasury reported a budget deficit of $683.97 billion, up from the $566.02 billion shortfall in the year-ago period.
Total fiscal year-to-date outlays increased to $3.450 trillion from $3.306 trillion in the year-ago period, and total receipts rose to $2.766 trillion from $2.740 trillion.
Corporate income tax receipts for the fiscal year-to-date stand at $166.00 billion, down from $232.29 billion in the same period of the prior fiscal year.
In July, the White House revised its own budget projections and estimated the federal deficit to hit $1.085 trillion in 2019.