The US federal government’s budget deficit increased by 52 percent in December last year compared to the same month of the previous year, reaching 129 billion dollars.
The US 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 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.
The market expectation regarding the budget balance in this period was for a deficit of 65.3 billion dollars.
While the government’s revenues decreased by 6 percent to 429 billion dollars in December last year, its expenditures increased by 3 percent to 559 billion dollars.
21 percent increase in three-month budget deficit
As of December, the third month of the 2024 fiscal year in the country, the total budget deficit increased by 21 percent compared to the same period of the previous year, reaching 510 billion dollars.
The deficit in question was at the level of 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, reaching 1.6 trillion dollars, and revenues increased by approximately 8 percent to 1.1 billion dollars.
The US budget deficit increased by 23 percent in the 2023 fiscal year compared to the previous year, reaching 1.7 trillion dollars.
