US budget deficit stands at $39 billion in January

By Ovunc Kutlu

ISTANBUL (AA) - The US federal budget deficit stood at approximately $39 billion in January, the fourth month of the 2023 fiscal year, according to Treasury Department figures released Friday.

In January, total receipts, or income, were around $447 billion against total outlays, or spending, of $486 billion, the agency's figures showed.

As for receipts, individual income taxes were $262 billion, while social insurance and retirement came in at $148 billion.

For outlays, social security was $114 billion, while income security stood at $81 billion.

The total budget deficit through fiscal year 2023, which will run from Oct. 1, 2022 to Sept. 30, 2023, stood at $460 billion with approximately $1.47 trillion in income against around $1.93 trillion in spending.