The US budget deficit in August was $220 billion.

The US Treasury Department announced that in August the country’s budget recorded a deficit of $220 billion, up 29% from August last year, when a deficit of $171 billion was recorded.

August receipts rose $35 billion, or 13%, year-over-year to $304 billion, with the bulk of profits up $25 billion, or 11%, in personal income tax withheld, making up the bulk of arrived, the department said in a statement. However, spending rose $84 billion, or 19%, to $523 billion.

In the first 11 months of fiscal year 2022, which ends September 30, the deficit fell 65% to $946 billion from $2.71 trillion in the same period last year, which includes the bulk of President Joe Biden’s bailout bill. United States in the amount of 1.9 dollars. trillion

Interest on the federal debt was $88 billion in August, up from $58 billion in the same month last year. So far, interest on the federal debt has risen 29% to $678 billion. Interest rates on debt are expected to continue rising as the Federal Reserve raises interest rates to fight inflation.

Source: US Treasury + market review.

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