US posts $296B budget deficit in January

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a federal budget deficit of $296 billion in January, according to Treasury Department figures released Tuesday.

For January, total receipts, or income, were around $271 billion, against total outlays, or spending, of $567 billion.

As for receipts, social insurance and retirement were $129 billion, while individual income taxes came in at $121 billion.

For outlays, social security was $121 billion, while income security stood at $90 billion.

For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at $828 billion with more than $1.85 trillion in income against approximately $2.68 trillion in spending.