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US budget deficit exceeds $1 trillion through March

April 10, 2024 / 10:33 PM
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Sharjah 24 – AFP: The US budget deficit went past $1 trillion in the first six months of the fiscal year, bolstered in part by interest on the public debt, according to Treasury Department data released Wednesday.
But the gap of around $1.1 trillion was three percent below the corresponding period last year, according to Treasury figures.

From October to March, receipts rose by seven percent to reach a record of $2.2 trillion, while outlays rose by three percent to $3.2 trillion.

In particular, there was a 32 percent rise in gross corporate taxes collected and an increase in individual taxes as well, the Treasury said.

But a key factor adding to spending was interest paid on the public debt, which rose by 36 percent to $522 billion, after borrowing costs jumped.

Spending on defense military programs also picked up by six percent to $410 billion, while spending by the Social Security Administration was up eight percent to $741 billion.

In 2023, the US budget deficit widened to $1.7 trillion, a development that could pile pressure on President Joe Biden as he seeks reelection.

Last year's deficit expansion came on the back of lower tax revenues while interest rates remained elevated.
 
April 10, 2024 / 10:33 PM

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