WASHINGTON (Pakistan Point News / Sputnik - 14th July, 2022) The US government budget deficit increased by $89 billion to reach $515 billion in June on increased spending after months of expenditure cuts of funds for the expiring coronavirus pandemic-related aid programs, the Treasury Department's monthly budget breakdown showed.
Total receipts for June were at $460.76 billion while outlays amounted to $549.60 billion, resulting in the rounded-up deficit of $515 billion in the nine months since the start of fiscal year 2022 for the government, the breakdown showed.
A year ago, the deficit stood at more than $2 trillion.
The Biden administration said it has resolved to keep the 2022 deficit at under $1 trillion and is so far making good on that objective.
Both the Biden administration and the previous Trump government had provided hundreds of billions of Dollars in relief payments to eligible recipients during the coronavirus pandemic.
