US budget deficit stands at $85B in December 2022
Total income was $455B against spending of $540B
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The US federal budget deficit stood at approximately $85 billion in December 2022, the third month of the 2023 fiscal year, according to Treasury Department figures released Thursday.
In December, total receipts, or income, were around $455 billion against total outlays, or spending, of $540 billion, the agency's figures showed.
As for receipts, individual income taxes were $216 billion, while social insurance and retirement came in at $133 billion.
For outlays, social security was $104 billion, while income security stood at $79 billion.
The total budget deficit through fiscal year 2023, which will run from Oct. 1, 2022 to Sept. 30, 2023, stood at $421 billion with almost $1.03 trillion in income against around $1.5 trillion in spending.
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