US posts $347B budget deficit in May

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a federal budget deficit of $347 billion in May, according to Treasury Department figures released Wednesday.

For May, total receipts, or income, were around $324 billion against total outlays, or spending, of $671 billion.

For receipts, social insurance and retirement were at $143 billion, while individual income taxes came in at $130 billion.

For outlays, social security was at $123 billion, while Medicare stood at $142 billion.

For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at approximately $1.2 trillion, with almost $3.3 trillion in income against nearly $4.5 trillion in spending.