US begins 2024 fiscal year with $66.6 billion budget deficit

The US Department of the Treasury released its budget balance report for October. In the first month of the 2024 fiscal year, which began on October 1, 2023, and will end on September 30, 2024, the federal government's budget deficit was calculated at $66.6 billion.

The federal government had recorded a budget deficit of $87.9 billion in the same month of the 2023 fiscal year. Thus, the budget deficit decreased by approximately 24 percent in October compared to the same month last year. Market expectations for the budget balance during this period were for a deficit of $65 billion in October.

Government revenues increased by 27 percent in October compared to the same month last year, reaching $403.4 billion, while expenditures rose by 16 percent to $470 billion.

The amount of interest the US paid on its debt rose to $88.9 billion in October, an increase of approximately 87 percent compared to the same period last year.

The US budget deficit had reached $1.7 trillion in the 2023 fiscal year, an increase of 23 percent compared to the previous year.

News Source: 12punto