The United States budget has a deficit of 240 billion dollars

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

Consequently, in the eighth 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 $240 billion.

The federal government ran a budget deficit of $66 billion in the same month last year. Thus, the budget deficit increased by 263 percent compared to the same month of the previous year. In this period, the market expectation regarding the budget balance was that the budget would have a deficit of 236 billion dollars.

While government revenue was down about 21 percent from the same month a year earlier, it fell to $307 billion, while its spending rose 20 percent to $548 billion.

As of May, the eighth month of the fiscal year 2023, the country’s total budget deficit reached 1 trillion 165 billion dollars with an increase of approximately 173 percent compared to the same period of the previous year. Said deficit was realized at the level of 426 billion dollars in the same period last year.

Expenses in the first 8 months of the fiscal year increased 9 percent compared to the same period a year earlier and reached $4.159 billion, while revenues decreased 11 percent to $2.994 billion . AA