US budget deficit stands at $378B in March

By Ovunc Kutlu

ISTANBUL (AA) - The US federal budget deficit stood at around $378 billion in March, the sixth month of the 2023 fiscal year, according to the Treasury Department figures released Wednesday.

In March, total receipts, or income, were approximately $313 billion against total outlays, or spending, of almost $691 billion, the agency's figures showed.

As for receipts, individual income taxes were $151 billion, while social insurance and retirement came in at $133 billion.

For outlays, Medicare was $115 billion, while social security also stood at $115 billion.

The total budget deficit through the fiscal year 2023, which will run from Oct. 1, 2022 to Sept. 30, 2023, stood at just over $1.1 trillion, with around $2.05 trillion in income against around 3.15 trillion in spending.