US posts $228B budget deficit in June

By Ovunc Kutlu

ISTANBUL (AA) — The US posted a budget deficit of around $228 billion in June, the ninth month of the 2023 fiscal year, according to official data released Thursday.

In June, total receipts, or income, were approximately $418 billion against total outlays, or spending, of almost $646 billion, the Treasury Department figures showed.

As for receipts, individual income taxes were $149 billion, while social insurance and retirement came in at $181 billion.

For outlays, social security was $121 billion, while health stood at $78 billion.

The total budget deficit through the fiscal year 2023, which runs from Oct. 1, 2022 to Sept. 30, 2023, stood at $1.39 trillion, with over $3.4 trillion in income against around $4.8 trillion in spending.