Highlights
The Treasury's deficit came in as expected in July, at $180.7 billion with the fiscal year-to-date deficit at a numbing $1.267 trillion vs. a deficit of $388.6 billion this time last year. Still, the July report shows a bit of improvement in receipts with the year-on-year rate down 16.9 percent vs. 17.9 percent in June. Outlays, swollen by stimulus measures, are up 21.1 percent year-on-year vs. June's 20.5 percent. Massive or not, demand for Treasuries remains solid enough to continue funding the Treasury's deficit.

Market Consensus Before Announcement
The U.S. Treasury monthly budget report showed a budget gap totaling $94.3 billion in June bringing the fiscal year-to-date total, now nine months into the 2009 fiscal year, to $1.1 trillion. The full-year gap is expected to top $1.8 trillion. The year-to-date gap through June last was only $285.9 billion. Looking ahead, the month of July typically shows a moderate deficit for the month but history provides little guide for this economy's budget. But for historical perspective, over the past 10 years, the average deficit for the month of July has been $31.7 billion and $49.2 billion over the past 5 years.

2009 Release Schedule

Released On: 1/13 2/11 3/11 4/10 5/12 6/10 7/13 8/12 9/11 10/16 11/12 12/10 Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov