US June budget deficit hits $228bn, up 156% YoY
MG News | July 14, 2023 at 10:23 AM GMT+05:00
July 14, 2023 (MLN): The U.S. government posted a $228 billion budget deficit for June, up 156% from a year earlier as revenues continued to weaken and July benefit payments were accelerated into June, the U.S. Treasury Department said on Thursday, Reuters reported.
The deficit compares to a June 2022 budget gap of $89bn. June receipts fell $42bn, or 9% from a year ago, to $418bn, while June outlays rose $96bn, or 18%, to $646bn.
But some $86bn worth of July benefit payments were made in June because July 1 fell on a weekend, and without these and other calendar adjustments, the June deficit would have been $142bn, a 66% increase over June 2022.
For the first nine months of the 2023 fiscal year, which ends Sept. 30, receipts fell $423bn, or 11%, from the year-ago period to $3.41 trillion.
The decline was primarily driven by lower non-withheld individual income taxes due to lower capital gains in 2022 and lower year-end salary bonuses, as well as sharply higher individual tax refunds as the Internal Revenue Service cleared a backlog of unprocessed receipts.
The Federal Reserve has earned $93bn less this year because it is paying higher interest on bank reserves and no longer has positive net income, a situation that a Treasury official said was expected to continue.
Year-to-date outlays rose $455bn, or 10% from a year earlier to $4.80 trillion.
Higher outlays for Social Security this year have been driven by cost-of-living adjustments, while the interest on the public debt so far this year has risen $131bn, or 25%, to $652bn due to higher interest rates.
Also driving up outlays were $52bn in Federal Deposit Insurance Corp costs to resolve failing banks, a Treasury official said.
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 178,853.10 424.99M | 3.29% 5702.68 |
| ALLSHR | 107,335.86 693.28M | 2.85% 2972.30 |
| KSE30 | 54,676.69 210.97M | 3.52% 1860.41 |
| KMI30 | 250,620.93 139.36M | 2.14% 5257.28 |
| KMIALLSHR | 68,647.30 398.45M | 1.89% 1273.91 |
| BKTi | 52,773.10 107.33M | 7.09% 3494.44 |
| OGTi | 35,032.42 34.95M | 0.79% 274.54 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 67,555.00 | 68,570.00 66,910.00 | -310.00 -0.46% |
| BRENT CRUDE | 68.74 | 68.75 67.36 | 1.32 1.96% |
| RICHARDS BAY COAL MONTHLY | 96.00 | 0.00 0.00 | -3.00 -3.03% |
| ROTTERDAM COAL MONTHLY | 105.50 | 0.00 0.00 | -0.10 -0.09% |
| USD RBD PALM OLEIN | 1,071.50 | 1,071.50 1,071.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 63.47 | 63.48 62.04 | 1.21 1.94% |
| SUGAR #11 WORLD | 13.61 | 13.69 13.47 | 0.13 0.96% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Roshan Digital Account