US budget deficit hits $22 billion in January

The US federal government's budget deficit decreased by 43 percent in January compared to the same month the previous year, falling to $22 billion. The US Treasury Department released its budget balance report for January. Accordingly, the federal government's budget deficit was calculated as $22 billion in the fourth month of the 2024 fiscal year, which started on October 1, 2023 and will end on September 30, 2024. The federal government had a budget deficit of $39 billion in January of last year. Thus, the budget deficit decreased by 43 percent in January compared to the same month the previous year. The market expectation for the budget balance during this period was for a deficit of $39.3 billion. The government's revenues increased by 7 percent in January to $477 billion, while expenditures increased by 3 percent to $499 billion. 16% increase in 4-month budget deficit As of January, the 4th month of the 2024 fiscal year, the country's total budget deficit increased by 16 percent compared to the same period of the previous year, reaching $532 billion. The deficit was $460 billion in the same period of the previous year. Spending in the first 4 months of the fiscal year increased by 10 percent compared to the same period of the previous year, reaching $2.1 trillion, while revenues increased by 8 percent, reaching approximately $1.6 trillion. The U.S. budget deficit increased by 23 percent in fiscal 2023 compared to the previous year, reaching $1.7 trillion.