The US budget posted a $378 billion deficit in March

The United States Department of the Treasury released its March budget balance report.

Consequently, in the sixth month of fiscal year 2023, which began on October 1, 2022 and ends on September 30, 2023, the federal government’s budget deficit was estimated at $378 billion.

The federal government had a budget deficit of $193 billion in the same month last year. Thus, the budget deficit increased by 96 percent compared to the same month of the previous year.

LOOKING FOR A DEFICIT OF 302 BILLION DOLLARS

In this period, the market expectation regarding the budget balance was that the budget would have a deficit of 302 billion dollars.

While government revenues were down about 1 percent from the same month a year earlier and fell to $313 billion in March, its spending rose 36 percent to $691 billion.

As of March, the sixth month of fiscal year 2023, the country’s total budget deficit reached 1 trillion 101 billion dollars, an increase of approximately 65 percent compared to the same period of the previous year.

Said deficit was realized at the level of 668 billion dollars in the same period last year.

Expenditures in the first 6 months of the fiscal year increased 13 percent compared to the same period a year earlier and reached $3.149 billion, while revenue declined about 3 percent to $2.48 trillion. billion dollars. (AA)