US budget deficit hit $244b in July

The US federal budget deficit for July 2024 hit $244 billion, according to latest data released by US Department of the Treasury late Monday.

Receipts for the month totalled $330 billion, with individual income taxes and social insurance and retirement taxes contributing $154 billion and $128 billion, respectively. Outlays reached $574 billion, driven by Social Security ($123 billion), Medicare ($92 billion), and National Defence ($81 billion).

For the fiscal year 2024, cumulative receipts amounted to $4,085 billion, primarily from individual income taxes ($2,039 billion) and social insurance and retirement taxes ($1,436 billion). Total outlays were $5,602 billion, resulting in a deficit of $1,517 billion. Key spending areas included Social Security ($1,213 billion), net interest ($743 billion), and health ($721 billion).

Attribution: US Treasury Monthly Statement: Fiscal Year 2024 Through July 31