US budget deficit at $67B in October

By Ovunc Kutlu

ISTANBUL (AA) - The US federal budget deficit stood at approximately $67 billion in October to kick off the 2024 fiscal year on a negative note, according to Treasury Department figures released Monday.

For October, total receipts, or income, were around $403 billion, against total outlays, or spending, of $470 billion, the agency's figures showed.

As for receipts, individual income taxes were $220 billion, while social insurance and retirement came in at $114 billion.

For outlays, social security was $117 billion, while national defense came in at $87 billion.

For the 2023 fiscal year, which ran from Oct. 1, 2022, through Sept. 30, 2023, the budget deficit had stood at $1.69 trillion with almost $4.44 trillion in income against approximately $6.13 trillion in spending.