US posts $244B budget deficit in July

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a federal budget deficit of $244 billion in July, according to Treasury Department figures released Monday.

For July, total receipts, or income, were around $330 billion against total outlays, or spending, of $574 billion.

For receipts, social insurance and retirement were at $128 billion, while individual income taxes came in at $154 billion.

For outlays, social security was at $123 billion, while Medicare stood at $92 billion.

For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at approximately $1.52 trillion, with $4.08 trillion in income against more than $5.6 trillion in spending.