US posts $221B budget deficit in July

US posts $221B budget deficit in July

Total income was $276B against spending of $497B

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a budget deficit of around $221 billion in July, the tenth month of the 2023 fiscal year, according to official figures.

In July, total receipts, or income, were approximately $276 billion against total outlays, or spending, of almost $497 billion, the Treasury Department data showed Thursday.

As for receipts, individual income taxes were $132 billion, while social insurance and retirement came in at $119 billion.

For outlays, social security was $116 billion, while education stood at $86 billion.

The total budget deficit through the fiscal year 2023, which runs from Oct. 1, 2022 to Sept. 30, 2023, stood over $1.6 trillion, with almost $3.7 trillion in income against more than $5.3 trillion in spending.

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