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US’ budget deficit grows 29% YoY in August

US’ budget deficit grows 29% YoY in August

Arab Finance: The US’ budget deficit grew by 29% year-on-year (YoY) to $220 billion in August 2022, compared to the gap of $171 billion reported in August 2021, Reuters reported on September 13th, citing a statement by the US Department of the Treasury.

According to the statement, the treasury department revealed that receipts in August increased by $35 billion or 13% YoY, recording $304 billion.

Meanwhile, outlays rose by $84 billion or 19% YoY to $523 billion, the department added.

The increase in spending was driven by outlays for Medicare, the US’ health insurance program for senior citizens, which surged by $50 billion or 153% YoY in August, along with the $19 billion or 127% YoY growth in education spending.

Additionally, interest on treasury securities jumped by $30 billion or 53% YoY in August.

In the first 11 months of the federal fiscal year ending September 30th 2022, the deficit shrank by 65% to $946 billion from $2.71 trillion.

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