US budget deficit up 86% on last year

The US federal budget deficit climbed to $54.2bn (€48.8bn) in July, a sharp deterioration from the same month a year ago, as a new round of tax cuts trimmed government revenues, the Treasury Department reported.

The US Treasury’s monthly budget report showed that the deficit for this July was 86% percent higher than the $29.2bn (€26.27bn) imbalance set in July 2002.