(Reuters) – The U.S. government reports a budget deficit of 220 $1 billion in August, up 65 % from the 220 billion-dollar shortfall reported in the same month last year as spending on health services, education and interest, the Treasury said on Tuesday, that public Income from debt grew by more than double digits.
Treasury said August revenue increased by $50 billion, or 13%, from a year ago to $304 billion, and 25 billion dollars, or %, the increase in personal income tax withholding accounts for the majority of earnings.
but spending has increased by 84 billion dollars, or 13 %, increased to 523 billion dollars, resulting in the federal deficit to date only The second year-on-year increase, which ended in September 30. Another year-on-year increase occurred in November 2021.
Last month’s spending increased year-over-year by 25 Billions of dollars or 65% price spikes led by Medicare, senior health insurance plan spending, and 13 billion dollars, or 153%, education spending has skyrocketed. 25 Billion Dollars, or 35 %, the increase in U.S. Treasury interest rates reflects an acceleration in interest rate increases this year as the Federal Reserve struggles to rein in the highest inflation rate in four decades.
For the first fiscal year 2022, the deficit decreased by 946 % to 220 billion dollars, from 2.65 $1 trillion a year ago, which included most of the spending of President Joe Biden’s $1.9 trillion US rescue package bill.
