US government ran $70B deficit in July

The U.S. government had a $70 billion budget deficit in July and a shortfall below $1 trillion in 10 months of the fiscal year, the Treasury Department said. July's figure was $60 billion less than the shortfall posted in the same month a year ago, MarketWatch.com reported Friday, aided by lower spending and higher receipts. In July, the government spent $254 billion while taking in $185 billion, Treasury Department figures showed. For the fiscal year through July 2012, the deficit was lower than the same period a year ago -- $974 billion compared with $1.1 trillion, Treasury officials reported. The Treasury still forecasts a shortfall of more than $1 trillion for the entire 2012 fiscal year, which runs from Oct. 1 to Sept. 30. Presumptive Republican presidential nominee Mitt Romney has attacked President Obama on deficit issues and pledged to slash government spending to reduce the federal debt and deficit if he is elected in November.