US budget deficit reached 244 billion dollars in July

The US Department of the Treasury has released its budget balance report for July. 

Accordingly, in July 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 244 billion dollars.

The federal government had posted a budget deficit of 221 billion dollars in the same month last year. Thus, a 10 percent increase was recorded in the budget deficit compared to the same month of the previous year.

Market expectations regarding the budget balance were for a deficit of 254.3 billion dollars during this period.

Government revenues increased by 20 percent in July compared to the same month last year, reaching 330 billion dollars, while expenditures rose by 16 percent to 574 billion dollars.

As of July, the 10th month of the 2024 fiscal year, the total budget deficit in the country was recorded at 1.5 trillion dollars, a 6 percent decrease compared to the same period last year.

The deficit in question had stood at 1.6 trillion dollars in the same period last year.

Expenditures in the first 10 months of the fiscal year increased by 6 percent compared to the same period last year, reaching 5.6 trillion dollars, while revenues rose by 11 percent to 4.1 trillion dollars.

On the other hand, as the interest burden of the US debt on the budget continues to rise, interest costs reached 956 billion dollars in the first 10 months of the 2024 fiscal year, an increase of 32 percent compared to the same period last year.

The US budget deficit had risen by 23 percent in the 2023 fiscal year compared to the previous year, reaching 1.7 trillion dollars.

News Source: AA