US posts $176B budget surplus in April

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a budget surplus of around $176 billion in April, the seventh month of the 2023 fiscal year, according to figures released Wednesday by the Treasury Department.

In April, total receipts, or income, were approximately $639 billion against total outlays, or spending, of almost $462 billion, the agency's figures showed.

As for receipts, individual income taxes were $381 billion, while social insurance and retirement came in at $163 billion.

For outlays, social security was $115 billion, while health stood at $63 billion.

The total budget deficit through the fiscal year 2023, which runs from Oct. 1, 2022 to Sept. 30, 2023, stood at $925 billion, with around $2.69 trillion in income against around $3.61 trillion in spending.