Total Budget Deficit is Rising in The US as It Reaches Nearly a 460 Billion Dollars in January

In January, the US federal government’s budget deficit was $39 billion due to declining receipts and rising spending.

The January budget balance report was made public by the US Treasury Department. Accordingly, the federal government’s budget deficit was estimated to reach $39 billion in January of the fiscal year 2023, which began on October 1, 2022, and would finish on September 30, 2023.

In the same month last year, the federal government‘s budget was $119 billion in surplus. As a result, the budget balance was lower than it was in the same month the year before by 157 billion dollars. During this time, the market anticipated a 63 billion dollar deficit in the budget, based on the balance.

USA’s Budget Deficit has Doubled Since the Last Year

When compared to the same month the previous year, the federal government‘s revenues fell by around 4% in January, to 447 billion dollars, while its expenses rose by 40%, to 486 billion dollars.

USA’s Budget Deficit has Doubled Since the Last Year

The entire budget deficit for the nation stood at 460 billion dollars as of January, the fourth month of the fiscal year 2023, a rise of around 78% from the same time the year before. At the same time last year, the aforementioned deficit was realized at a level of $259 billion.

Covid-19 had a Significant Impact on the Statistics

The first four months of the fiscal year saw an increase in expenditure of 9% to $ 1.9 trillion compared to the same time in the prior year, while receipts fell by almost 3% to $ 1.5 trillion. Due to a reduction in spending on the Covid-19 epidemic, the USA’s budget deficit fell by 50% to $1.4 trillion in the fiscal year 2022.

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Dareen Cone

Experienced Journalist with a demonstrated history of working in the financial services industry. Skilled in Management, Banking, Strategic Planning, Business Development, and Teamwork. Strong community and social services professional with a Bachelor's Degree focused in Economics.

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