US records federal budget deficit of USD244B last month
Date
8/13/2024 4:28:19 AM
(MENAFN) The US recorded a federal budget deficit of USD244 billion for the month of July, as reported by the Treasury Department on Monday. This figure highlights the ongoing fiscal challenges faced by the government as it continues to navigate the balance between revenue and expenditure.
In July, the federal government's total income, known as receipts, amounted to approximately USD330 billion, while its total spending, referred to as outlays, reached USD574 billion. This significant gap between revenue and expenditure underscores the fiscal pressures contributing to the monthly deficit.
Breaking down the receipts, social insurance and retirement programs contributed USD128 billion, while individual income taxes generated USD154 billion. These sources represent the primary streams of revenue for the federal government during the month, reflecting the ongoing importance of tax collection and social welfare contributions to the federal budget.
On the expenditure side, the government spent USD123 billion on Social Security and USD92 billion on Medicare in July. These major outlays continue to be substantial components of federal spending, highlighting the significant costs associated with maintaining social safety net programs. For the 2024 fiscal year, which began on October 1, 2023, and will conclude on September 30, 2024, the cumulative budget deficit has reached approximately USD1.52 trillion, with total income of USD4.08 trillion against expenditures exceeding USD5.6 trillion.
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