The US Treasury Department published the budget balance report for January.
Accordingly, the federal government’s budget deficit was calculated as $22 billion in the 4th 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 39 billion dollars in January last year. Thus, the budget deficit decreased by 43 percent in January compared to the same month last year. Market expectations for the budget balance in this period were for a deficit of 39.3 billion dollars.
The government’s revenues rose by 7 percent to $477 billion in January, while its expenditures rose by 3 percent to $499 billion.
16 percent increase in 4-month budget deficit
As of January, the 4th month of the fiscal year 2024, the total budget deficit in the country increased by 16 percent compared to the same period last year and reached 532 billion dollars.
The said deficit was realized at 460 billion dollars in the same period of the previous year.
Expenditures in the first four months of the fiscal year increased by 10 percent to $2.1 trillion and revenues by 8 percent to nearly $1.6 trillion compared to the same period last year.
The US budget deficit increased by 23 percent in fiscal year 2023 compared to the previous year, reaching 1.7 trillion dollars.