The US Treasury said the US budget deficit reached $227.7 billion in June, up 156 percent from $88.8 billion a year earlier.
Analysts expected the deficit to decrease in June to $175 billion, after May’s $240.3 billion.
Budget revenues decreased by 9.2 percent to $418.3 billion on an annual basis, while expenditures increased by 17.6 percent to $646.1 billion.
In the first nine months of the current fiscal year, which began on Oct. 1, the US budget deficit was $1,392 billion, much higher than the previous year’s $515 billion. In the nine months, on an annual basis, revenues declined by 11 percent, to reach $3.413 billion, while expenses increased by 10 percent, to reach $4.805 billion.
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The slight increase in producer prices is another indication that the US economy has entered a stage of declining inflation, which is supported by yesterday’s better-than-expected inflation data. |
The budget deficit for the 2022 fiscal year, which ended at the end of September last year, was $1,375 billion, equivalent to half the $2,600 billion deficit a year earlier.
In fiscal 2020, a record deficit of $3.1 trillion was created. The last time the US budget closed in surplus was in fiscal 2001.
