US budget deficit at $88B in October

By Ovunc Kutlu

ANKARA (AA) - The US federal budget deficit stood at approximately $88 billion in October to kick off the 2023 fiscal year on a negative note, according to Treasury Department figures released Thursday.

For October, total receipts, or income, were around $319 billion, against total outlays, or spending, of $406 billion, the agency's figures showed.

As for receipts, individual income taxes were $175 billion, while social insurance and retirement came in at $108 billion.

For outlays, social security was $104 billion, while national defense came in at $77 billion.

For the 2022 fiscal year, which ran from Oct. 1, 2021, through Sept. 30, 2022, the budget deficit had stood at $1.37 trillion with almost $4.9 trillion in income against approximately $6.3 trillion in spending.