The Treasury Department published the budget balance report for December 2023. Accordingly, the federal government's budget deficit was calculated as 129 billion dollars in the third month of the 2024 fiscal year, which started on October 1, 2023 and will end on September 30, 2024.
The federal government had a budget deficit of 85 billion dollars in December of the previous year. Thus, the budget deficit increased by 52 percent in December 2023 compared to the same month of the previous year.
Market expectations for the budget balance in this period were for a deficit of 65.3 billion dollars.
The government's revenues decreased by 6 percent to 429 billion dollars in December last year, while its expenditures increased by 3 percent to 559 billion dollars.
21 PERCENT INCREASE IN QUARTERLY BUDGET DEFICIT
As of December, the third month of the 2024 fiscal year, the total budget deficit in the country increased by 21 percent compared to the same period of the previous year and reached 510 billion dollars.
The deficit in question was realized as 421 billion dollars in the same period of the previous year.
Expenditures in the first 3 months of the fiscal year increased by 12 percent compared to the same period of the previous year to 1.6 trillion dollars, while revenues increased by about 8 percent to 1.1 billion dollars.
The US budget deficit increased by 23 percent in fiscal year 2023 compared to the previous year, reaching 1.7 trillion dollars.