In July, the US budget deficit expanded to $120 billion due to increasing military and health expenditure, according to analysts ‘ predictions surveyed by Reuters.
Expenditure rose from July 2018 to $371 billion by 23 percent, while revenue rose to $251 billion by 12 percent.
From January to July, the deficit in the similar period of 2018 amounts to $867 billion compared to $684 billion.
Military programs absorbed expenditure of $53 billion in July, up from July 2018’s $43 billion. Health expenditure increased from $34 billion to $66 billion, an increase because of calendar impacts.
The budget deficit was $129 billion in July, adjusted for calendar effects, compared to $122 billion in July 2018. Adjusted for calendar effects, spending on Medicare increased in July by 11 percent.