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U.S. overspends budget

Government posts $98 billion budget deficit in July

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The United States spent $98 billion more than it took in last month, with the deficit primarily driven by spending on healthcare programs and pensions for the elderly, and the military, Reuters reported.

However, the U.S. has run full-year budget deficits since 2001, and especially since 2009 when a hike in unemployment fueled higher spending on the social safety net.

Source: Reuters
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