US posts $347B budget deficit in May
Total income $324 billion against $671 billion in spending
![US posts $347B budget deficit in May](https://cdnuploads.aa.com.tr/uploads/Contents/2024/06/13/thumbs_b_c_f6b005dbae4a87141d5c50e05ec472f2.jpg?v=013414)
ISTANBUL
The US posted a federal budget deficit of $347 billion in May, according to Treasury Department figures released Wednesday.
For May, total receipts, or income, were around $324 billion against total outlays, or spending, of $671 billion.
For receipts, social insurance and retirement were at $143 billion, while individual income taxes came in at $130 billion.
For outlays, social security was at $123 billion, while Medicare stood at $142 billion.
For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at approximately $1.2 trillion, with almost $3.3 trillion in income against nearly $4.5 trillion in spending.