US budget deficit at $165B in October

By Ovunc Kutlu

ANKARA (AA) - The US federal budget deficit stood at $165 billion in October, according to the Treasury Department on Wednesday.

It showed a 42% decline from the same month last year when the budget deficit was at $284 billion.

For October, total receipts, or income, were $284 billion, against total outlays, or spending, of $449 billion, the agency's figures showed.

As for receipts, individual income taxes were $144 billion, while social insurance and retirement came in at $100 billion.

For outlays, social security was $96 billion, income security and health were $70 billion each, while national defense came in at $69 billion.

For the 2021 fiscal year, which ran from Oct. 1, 2020, through Sept. 30, 2021, the budget deficit soared to $2.77 trillion -- the second-highest on record after $3.13 trillion during the 2020 fiscal year.