The US Treasury Department released its December budget stability report.
Accordingly, 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 had a budget deficit of $21.3 billion in the same month of last year. Thus, the budget deficit increased by approximately 4 percent in December compared to the same month of the previous year.
In this period, the market expectation for budget stability was on the side of the budget 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.
With the prestige of December, the third month of the 2023 fiscal year in the country, the total budget deficit reached 421 billion dollars with an increase of 12 percent compared to the same period of the previous year.
The said deficit was realized at the level of 378 billion dollars in the same period of last year.
Expenditures in the first three months of the fiscal year increased by 1 percent compared to the same period of the previous year and reached 1.4 trillion dollars, while revenues decreased by approximately 3 percent to 1 trillion dollars.
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 epidemic.
The budget deficit was recorded as $2.8 trillion in fiscal 2021 and $3.1 trillion in fiscal 2020.