US Posts Budget Gap For 4th Straight Month

The US government budget deficit deficit expanded to USD 129 billion, marking a significant increase from the USD 85 billion deficit recorded in the same month of the previous year and missing market expectations of a USD 65.25 billion deficit. It pointed to the biggest deficit since September as outlays rose while receipts fell from December 2022 levels that were swelled by pandemic-deferred tax payments. Outlays increased by 3% to reach $559 billion, setting a December record. This surge was driven, in part, by higher Social Security outlays and increased interest on the public debt. Conversely, receipts for the month experienced a 6% decline, amounting to $429 billion. For the first three months of the 2024 fiscal year, which commenced on October 1, the federal deficit reached $510 billion. This marks an $89 billion, or 21%, increase from the corresponding period in the previous year.

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