The Treasury Department said June’s $66 billion deficit was a nominal 71% decrease from the $228 billion deficit recorded in June 2023.
 "U.S. June budget deficit narrows to $66 billion due to calendar change")
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The U.S. Treasury Department said on Thursday that the budget deficit in June was $66 billion, a sharp decline from the previous year’s deficit of $347 billion as benefit payments were shifted to May.
The Treasury Department said June’s $66 billion deficit was a nominal 71% decrease from the $228 billion deficit recorded in June 2023.
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The Treasury Department said that without the calendar adjustments in June in both years, the deficit in June 2024 would have been $159 billion, up 3% ($5 billion) from the previous year.
June receipts were $466 billion, up 11 percent from June 2023, but the increase was due in part to another calendar-year effect — the deferral of payments of personal income taxes not withheld because natural disasters in many states last year suppressed June 2023 receipts.
Spending for June fell 18% to $532 billion, but because no calendar adjustments were made for June 2024 and July 2023, which both start on weekends, spending would have increased 11% to $625 billion. Spending for this month also includes a $60 billion increase from the Department of Education’s realignment of long-term student loan subsidies due to the recent debt relief amendments.
For the first nine months of fiscal year 2024, the United States.
The deficit fell 9% to $1.268 trillion from $1.393 trillion in the same period in fiscal 2023. The government’s fiscal year ends on Sept. 30.
According to the Treasury Department, revenues so far this year have increased 10% to $3.754 trillion, while spending has increased 5% to $5.22 trillion.
