US posts $22B budget deficit in December

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a federal budget deficit of $22 billion in December 2023, according to Treasury Department figures released Monday.

For December, total receipts, or income, were around $477 billion, against total outlays, or spending, of $499 billion, agency figures showed.

As for receipts, individual income taxes were $283 billion, while social insurance and retirement came in at $157 billion.

For outlays, social security was $121 billion, while Medicare stood at $83 billion.

For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at $532 billion with more than $1.58 trillion in income against approximately $2.12 trillion in spending.