US Budget Deficit Hits $1.27 Trillion So Far This Year

The federal government posted a smaller-than-expected budget deficit in June, caused by various calendar effects that allowed tax receipts to grow and outlays to fall, according to the Monthly Treasury Statement. Last month, the federal deficit was $66 billion, down 71 percent from a year ago. New Treasury data show that receipts advanced 11 percent year over year, totaling $466 billion. The increase, according to the monthly report, was fueled by deferred tax payments from parts of the country due to federally declared natural disasters. Outlays declined 18 percent from June 2023, to $532 billion. However, officials say spending levels would have increased 11 percent, to $625 billion, if July 2023 and June 2024 started on a weekday....