US budget deficit stands at $262B in February

By Ovunc Kutlu

ISTANBUL (AA) - The US federal budget deficit stood at around $262 billion in February, the fifth month of the 2023 fiscal year, according to the Treasury Department figures released Friday.

In February, total receipts, or income, were approximately $262 billion against total outlays, or spending, of almost $525 billion, the agency's figures showed.

As for receipts, social insurance and retirement were $123 billion, while individual income taxes came in at $112 billion.

For outlays, social security was $114 billion, while income security stood at $98 billion.

The total budget deficit through the fiscal year 2023, which will run from Oct. 1, 2022 to Sept. 30, 2023, stood at $723 billion with around $1.73 trillion in income against around $2.46 trillion in spending.