US budget deficit stands at $85B in December 2022

By Ovunc Kutlu

ISTANBUL (AA) - The US federal budget deficit stood at approximately $85 billion in December 2022, the third month of the 2023 fiscal year, according to Treasury Department figures released Thursday.

In December, total receipts, or income, were around $455 billion against total outlays, or spending, of $540 billion, the agency's figures showed.

As for receipts, individual income taxes were $216 billion, while social insurance and retirement came in at $133 billion.

For outlays, social security was $104 billion, while income security stood at $79 billion.

The total budget deficit through fiscal year 2023, which will run from Oct. 1, 2022 to Sept. 30, 2023, stood at $421 billion with almost $1.03 trillion in income against around $1.5 trillion in spending.