US posts $240B budget deficit in May

By Ovunc Kutlu

ISTANBUL (AA) – The US posted a budget deficit of around $240 billion in May, the eighth month of the 2023 fiscal year, according to official data released on Monday.

In May, total receipts, or income, were approximately $307 billion against total outlays, or spending, of almost $548 billion, the Treasury Department figures showed.

As for receipts, individual income taxes were $134 billion, while social insurance and retirement came in at $140 billion.

For outlays, social security was $116 billion, while health stood at $81 billion.

The total budget deficit through the fiscal year 2023, which runs from Oct. 1, 2022 to Sept. 30, 2023, stood at $1.16 trillion, with almost $3 trillion in income against around $4.16 trillion in spending.