The budget deficit in the USA increased to 85 billion dollars in December, almost quadrupling compared to the same month of the previous year. As of December, the third month of the 2023 fiscal year, the country’s total budget deficit was 421 billion dollars.
The US Treasury Department released its budget balance report for December. According to the report, in December of the fiscal year 2023, which started on October 1, 2022 and will end on September 30, 2023, the federal government’s budget deficit was calculated as $85 billion. The federal government ran a budget deficit of $21.3 billion in the same month of last year. Thus, the budget deficit quadrupled in December compared to the same month of the previous year. In this period, the market expectation regarding the budget balance was that the budget would run a deficit of 70 billion dollars. While the government’s revenues decreased by about 7 percent to $455 billion in December compared to the same month of the previous year, its expenditures increased by 6 percent to $540 billion.
TOTAL BUDGET DEFICIT 421 BILLION DOLLARS As of December, the third month of the 2023 fiscal year, the total budget deficit in the country increased by 12 percent compared to the same period of the previous year and reached 421 billion dollars. The said deficit was realized at the level of 378 billion dollars in the same period of last year. While expenditures in the first three months of the fiscal year increased by 1 percent compared to the same period of the previous year, to $ 1.4 trillion, revenues decreased by approximately 3 percent to $ 1 trillion. The budget deficit of the USA decreased by 50 percent to 1.4 trillion dollars in the 2022 fiscal year due to the decrease in spending on the Kovid-19 outbreak. The budget deficit was recorded as $2.8 trillion in fiscal 2021 and $3.1 trillion in fiscal 2020.