Stock Market Update

[BRIEFING.COM] The major averages mostly shrugged off the July Treasury Budget; mainly, the interest on the federal debt has continued to widen, totaling $956 mln in the latest reading, bringing the fiscal year-to-date spend on interest higher than Medicare and national defense.

The Treasury Budget for July showed a deficit of $243.7 bln versus a deficit of $220.8 bln a year ago. The Treasury Budget data is not seasonally adjusted, so the July deficit cannot be compared to the deficit of $70.9 bln for June.

Total receipts of $330.4 bln grew 19.6% compared to last year while total outlays of $574.1 bln rose about 15.5% compared to last year.

The total year-to-date budget deficit now stands at $1.52 trln vs $1.61 trln at this point a year ago.