US records federal budget deficit of USD380B last month
Date
9/15/2024 4:20:45 AM
(MENAFN) In August, the United States recorded a federal budget deficit of USD380 billion, according to figures released by the Treasury Department on Thursday. This deficit was driven by total receipts, or income, amounting to approximately USD307 billion, while total outlays, or spending, reached USD687 billion. The substantial gap between income and expenditure highlights the ongoing fiscal imbalance faced by the federal government.
Breaking down the receipts for August, social insurance and retirement contributions totaled USD131 billion, while individual income taxes brought in USD137 billion. On the expenditure side, significant outlays included USD124 billion for social security and USD129 billion for Medicare. These figures reflect the major categories of federal spending and revenue collection that contribute to the overall budget deficit.
Looking at the fiscal year 2024, which spans from October 1, 2023, to September 30, 2024, the cumulative budget deficit has already reached nearly USD1.9 trillion. During this period, the federal government has generated approximately USD4.4 trillion in income, against a total spending of just under USD6.3 trillion. This large deficit underscores the significant disparity between federal revenue and expenditure.
The current figures provide a snapshot of the broader fiscal challenges the US government is grappling with. The substantial deficit highlights ongoing concerns about the sustainability of federal spending and revenue policies, as well as the long-term implications for the nation's financial health.
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