U. S. budget deficit has increased 4 times
2023.01.12 14:29
U. S. budget deficit has increased 4 times
By Kristina Sobol
Budrigannews.com – The Treasury Department announced on Thursday that the federal government’s budget deficit for December quadrupled to $85 billion from the previous year as receipts decreased slightly and expenditures increased to a new December record, led by higher interest costs on the federal debt.
As individual withheld receipts from 2022 year-end bonuses decreased and Federal Reserve earnings decreased to zero from $12 billion a year earlier, the Treasury reported that December receipts decreased by 7% to $455 billion from December 2021.
According to a Treasury official, December outlays increased by 6% to $540 billion due to an increase in Social Security outlays due to cost-of-living adjustments and an increase in interest on the public debt by $9 billion from the previous year.
The government reported a deficit of $421 billion for the first three months of fiscal 2023, which began in October. This was an increase of 12% from the same period in fiscal 2022. The deficit was caused by receipts falling by 3% to $1.026 trillion and expenditures rising by 1% to $1.447 trillion, which was also a record for the time period.
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