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Economic Report: U.S. runs $107 billion budget deficit in August, Treasury says

The federal government ran a budget deficit of $107 billion in August, the Treasury Department said Tuesday, $43 billion more than in August 2015.

The government spent $338 billion last month, up 23% from the same month a year ago. Spending rose notably for veterans’ programs and Medicare, Treasury said. For the first 11 months of the fiscal year, spending is up 3%.

Total receipts for August were up 10% to $231 billion. Individual income and payroll tax receipts rose by 9%. Corporate receipts were flat at $5 billion.

Receipts are up 1% for the fiscal year to date.

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