The US Treasury Department released its budget balance report for February.
Accordingly, in the fifth month of the 2023 fiscal year, which started on October 1, 2022 and will end on September 30, 2023, the federal government’s budget deficit was calculated as $262 billion.
The federal government had a budget deficit of $217 billion in the same month of last year. Thus, the budget deficit increased by 21 percent compared to the same month of the previous year.
In this period, the market expectation regarding the budget balance was that the budget would run a deficit of 256 billion dollars.
The government’s revenues decreased by about 10 percent compared to the same month of the previous year and decreased to $262 billion in February, while its expenditures increased by 4 percent to $525 billion.
As of February, the fifth month of the 2023 fiscal year, the country’s total budget deficit amounted to 723 billion dollars, an increase of approximately 52 percent compared to the same period of the previous year.
The said deficit was realized at the level of 476 billion dollars in the same period of last year.