US posts $380B budget deficit in August

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a federal budget deficit of $380 billion in August, according to Treasury Department figures released Thursday.

For August, total receipts, or income, were around $307 billion against total outlays, or spending, of $687 billion.

For receipts, social insurance and retirement were at $131 billion, while individual income taxes came in at $137 billion.

For outlays, social security was at $124 billion, while Medicare stood at $129 billion.

For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at almost $1.9 trillion, with nearly $4.4 trillion in income against just short of $6.3 trillion in spending.