US posts $66B budget deficit in June

By Ovunc Kutlu

ISTANBUL (AA) - The US posted a federal budget deficit of $66 billion in June, according to Treasury Department figures released Thursday.

For June, total receipts, or income, were around $466 billion against total outlays, or spending, of $572 billion.

For receipts, social insurance and retirement were at $181 billion, while individual income taxes came in at $185 billion.

For outlays, social security was at $129 billion, while education stood at $90 billion.

For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at approximately $1.27 trillion, with $3.75 trillion in income against more than $5.02 trillion in spending.