The decision to raise the US debt ceiling earlier this month, seems to have come in a good time because according to the recent publication of the Monthly Treasury Statement, the US government deficit reached in July 2011 $129.37 billion; this is a nearly $86 billion increase from the $43.080 billion deficit recorded in June 2011, but a decrease of 21% from the July 2010.
The current deficit in the fiscal year of 2011 is $1,099 billion, which is lower by 6% than the $1,169.7 billion deficit recorded during the same time span in 2010. Up to July, there was a slight rise in revenues of 8% in 2011 compared with 2010’s that put a small dent in the deficit growth. On the other hand, there was nearly no change in expediters in 2011 compared with the parallel time in 2010 that also contributed to the drop in deficit.
Nonetheless, at the current rate the 2011 fiscal year might end with a $1.2 trillion deficit, which is still high and represents nearly 8% of US’s GDP.
Current gold price, short term futures (September 2011 delivery) is traded at $1,794.0 per t oz. a $9.0 increase as of 12:01*.
Current Nymex crude oil price, short term futures (September 2011 delivery) is traded up by 1.29% to $87.77 per barrel as of 10:44*.
The Euros to US dollar exchange rate is currently traded up by 0.4136% to 1.4469 as of 12:10*.
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