The United States began fiscal year 2024 with a budget deficit

The US Treasury Department released the October Balanced Budget Report.

Consequently, the federal government’s budget deficit was estimated at $66.6 billion in the first month of fiscal year 2024, which began on October 1, 2023 and will end on September 30, 2024.

The federal government had a budget deficit of $87.9 billion in the same month of fiscal year 2023. Thus, the budget deficit decreased by approximately 24 percent in October compared to the same month of the previous year. During this period, the market expectation regarding the budget balance was that the budget would have a deficit of $65 billion in October.

INCREASED TO 470 BILLION DOLLARS

While the government’s revenue increased 27 percent in October compared to the same month last year, reaching $403.4 billion, its expenditures increased 16 percent, reaching $470 billion.

The amount of interest paid by the US on its debts increased by approximately 87 percent in October compared to the same period last year, reaching $88.9 billion.

The US budget deficit increased 23 percent in fiscal year 2023 compared to the previous year, reaching $1.7 trillion. (AA)