ISTANBUL: The US posted a federal budget deficit of USD244 billion in July, according to Treasury Department figures released Monday.
For July, total receipts, or income, were about USD330 billion against total outlays, or spending, of USD574 billion.
For receipts, social insurance and retirement were at USD128 billion, while individual income taxes came in at USD154 billion.
For outlays, social security was at USD123 billion, while Medicare stood at USD92 billion.
For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at approximately USD1.52 trillion, with USD4.08 trillion in income against more than USD5.6 trillion in spending.
Source: Philippines News Agency
