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MNI BRIEF: US Budget Deficit Narrows to USD515B Through June

(MNI) Washington

The U.S. Treasury Department rang up a USD515 billion budget deficit through June, a record decline of over USD1.7 trillion relative to the same point in the previous fiscal year, the agency reported Wednesday.

The Treasury said the federal deficit hit USD89 billion in June, an improvement of USD85 billion compared to the year-ago month. Compared to fiscal year 2021, year-to-date revenue is up 26%, hitting a record, while spending is down 18%. The U.S. ended fiscal year 2021 with a USD2.8 trillion deficit and ended 2020 with a USD3.1 trillion deficit, the largest in U.S. history.

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The U.S. Treasury Department rang up a USD515 billion budget deficit through June, a record decline of over USD1.7 trillion relative to the same point in the previous fiscal year, the agency reported Wednesday.

The Treasury said the federal deficit hit USD89 billion in June, an improvement of USD85 billion compared to the year-ago month. Compared to fiscal year 2021, year-to-date revenue is up 26%, hitting a record, while spending is down 18%. The U.S. ended fiscal year 2021 with a USD2.8 trillion deficit and ended 2020 with a USD3.1 trillion deficit, the largest in U.S. history.