WASHINGTON - The United States federal government registered a budget deficit of $244 billion in July, reflecting a significant gap between spending and revenue during the month.
According to Philippines News Agency, the government's total receipts amounted to approximately $330 billion in July, while outlays reached $574 billion. This discrepancy is a part of the broader fiscal landscape for the 2024 fiscal year, which has seen a deficit totaling around $1.52 trillion so far. The fiscal year, which began on October 1, 2023, has accumulated $4.08 trillion in income against more than $5.6 trillion in spending.
Breaking down the components of July's financial activities, the receipts included $128 billion from social insurance and retirement sources, alongside $154 billion from individual income taxes. On the expenditure side, social security accounted for $123 billion, and Medicare outlays stood at $92 billion. These figures underscore the ongoing challenges in balancing federal fiscal responsibilities with the needs of public programs.