The U.S. federal government’s budget deficit shrank significantly in June, to about half of what it showed in the corresponding month last year, as spending related to the coronavirus pandemic was curbed while revenue rose.
In particular, the US budget deficit stood at $89 billion against a deficit of $174 billion in June 2021, recording a 49% decrease. Spending for the month fell 12% to $550 billion, while receipts rose 3% to $461 billion, a June record.
The US remains on track to run a deficit for the entire current fiscal year (which began in October of last year and ends in September of this year) of less than $1 trillion. dollars, for the first time since the start of the coronavirus pandemic, two and a half years ago.
For the first nine months of the current fiscal year, the budget deficit stood at $515 billion against $2.24 trillion. dollars that were in the corresponding period of the previous financial year.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
