US: Treasury reports larger than expected fiscal deficit of $228B in June

The US Treasury Department has announced that the government recorded a $227.8 billion deficit in June, which was larger than the expected deficit of $175 billion. Total receipts in June amounted $418 billion, while outlays were $646 billion.

In the same month last year, the deficit was $88 billion. So far, during the fiscal year 2023 (FY 2023), the fiscal deficit has reached $1,392 billion, which is $17 billion higher than the total deficit of FY 2022. July, August, and September are typically deficit-heavy months, so the final deficit for FY 2023 will likely be larger.