The U.S Treasury Department, on Friday, released the budget details for March 2009 showing a deficit of $192.27 billion, sharply higher than budget deficit of $48.8 billion reported in the corresponding period last year.
Economists and Market analysts were expecting the budget deficit to clock $150 billion for the month. Total spending during the month was $329.3 billion, while total revenue for the month declined 28% to $129 billion, the report noted.
For the first six months ended 31 March 2009, the budget deficit has reached $956.8 billion, sharply higher than a budget deficit of $313 billion reported for the corresponding six-month period last year.
Government spending during March 2009 increased by $94.2 billion over the same period last year. Under the Troubled Asset Relief Program, the US Government had spent $2.9 billion during March 2009, the report revealed.
For the six-month period ended March 31, tax revenues declined 13.6% to $989.8 billion over the same period last year. Corporate tax receipts for the period declined sharply to $56.2 billion from $129.5 billion reported in the same period last year. Income tax collections from individuals during the first half of fiscal 2009 declined 15% to $429.7 billion from $503.5 billion reported in the same period last year.
Benefit payments from the unemployment trust fund for the first six months increased to $44.6 billion, compared to payments of $19.6 billion during fiscal 2008.
The report revealed, for the six-months ended 31 March 2009, spending by Defense Department rose to $331.7 billion from $308 billion spent during the same period last year. The Department of Health and Human Services, which oversees the health programs, has spent $156.2 billion during the six-months ended 31 March 2009, higher than $137.6 billion reported in the corresponding six-month period last year. Spending for security by the Social security Administration was $324.2 billion, up 7.3% over the same period last year, the report noted.
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