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MNI BRIEF: US Budget Deficit Balloons To USD510B Thru Q1

(MNI) WASHINGTON

The U.S. Treasury Department rang up a USD510 billion budget deficit in the first three months of the fiscal year, a 21% increase relative to the same point in the previous fiscal year, the Treasury Department reported Thursday.

The deficit in December was USD129 billion, up 52% compared with the year-ago month. December's USD559 billion in spending was a record. Compared to fiscal year 2022, year-to-date revenue is up 8% at USD1.108 trillion while spending is up 12% at USD1.618 trillion, both records.

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The U.S. Treasury Department rang up a USD510 billion budget deficit in the first three months of the fiscal year, a 21% increase relative to the same point in the previous fiscal year, the Treasury Department reported Thursday.

The deficit in December was USD129 billion, up 52% compared with the year-ago month. December's USD559 billion in spending was a record. Compared to fiscal year 2022, year-to-date revenue is up 8% at USD1.108 trillion while spending is up 12% at USD1.618 trillion, both records.

Keep reading...Show less