US budget deficit hits $244 billion

The federal government budget deficit in the United States increased by 10 percent in July compared to the same month of the previous year, reaching $244 billion. According to the U.S. Treasury Department's budget balance report for July, the federal government's budget deficit was calculated as $244 billion in July of the 2024 fiscal year, which started on October 1, 2023 and ends on September 30, 2024. The federal government had a budget deficit of $221 billion in the same month of the previous year. Thus, the budget deficit increased by 10 percent compared to the same month of the previous year. The market expectation for the budget balance was for the budget to have a deficit of $254.3 billion during this period. While the government's revenues increased by 20 percent in July compared to the same month of the previous year, reaching $330 billion, its expenditures increased by 16 percent, reaching $574 billion. The budget deficit reached $1.5 trillion in the 10 months of fiscal year 2024 The country's total budget deficit as of July, the 10th month of fiscal year 2024, was recorded as $1.5 trillion, a 6 percent decrease compared to the same period of the previous year. The deficit was $1.6 trillion in the same period of the previous year. Expenditures in the first 10 months of the fiscal year increased by 6 percent compared to the same period of the previous year, reaching $5.6 trillion, while revenues increased by 11 percent, to $4.1 trillion. On the other hand, the interest burden of the US debt on the budget continues to increase, with interest costs increasing by 32 percent compared to the same period of the previous year, reaching $956 billion in the 10 months of fiscal year 2024. The US budget deficit increased by 23 percent in fiscal 2023 compared to the previous year, reaching $1.7 trillion.