U.S. government posts $176 billion deficit in March

FILE PHOTO: A man counts U.S dollar bills at a money exchange office in central Cairo

WASHINGTON (Reuters) – The U.S. government had a $176 billion budget deficit in March as spending outstripped revenue, the Treasury Department said on Wednesday.

The budget deficit was $108 billion in March 2016, according to Treasury’s monthly budget statement.

The fiscal 2017 year-to-date deficit was $527 billion compared with $459 billion in the same period of fiscal 2016.

When accounting for calendar adjustments, the deficit last month was $140 billion. The adjusted deficit for the fiscal year to date was $564 billion.

Receipts last month totaled $217 billion, down 5 percent from March 2016, while outlays stood at $393 billion, an increase of 17 percent from the same month a year earlier.

(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)