Market Updates
U.S. Budget Deficit Soars 30% In November
Brian Turner
12 Dec, 2022
New York City
The U.S. government budget deficit widened by 30% to a record $249 billion from $191 billion in October, the U.S. Treasury said Monday.
Total receipts from a year ago declined 10% to $252 billion and total outlays increased 6% to $501 billion.
For the fiscal year 2023, total receipts are expected to be to $4.4732 trillion and total outlays are estimated at $6.032 trillion resulting in budget deficit of $1.299 trillion.
Revenue from individual income taxes are expected to be about $2.444 trillion and corporate taxes about $509.27 billion.
The Department of Defense and military programs are estimated to cost $781.09 billion and interest on treasury debt securities is estimated at $767.248 billion.
Social Security Administration is expected to pay out $1.407 trillion in benefits against the total retirement receipts of $1.5 trillion.
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