WASHINGTON (Reuters) – The U.S. federal authorities posted a December deficit of $129 billion, up $44 billion or 52% from a yr earlier as outlays rose whereas receipts fell from December 2022 ranges that have been swelled by pandemic-deferred tax funds, the U.S. Treasury Division mentioned on Thursday.
The Treasury mentioned that outlays for December rose 3% to $559 billion, a December document, partly on account of increased Social Safety outlays and curiosity on the general public debt. Receipts for the month fell 6% to $429 billion.
For the primary three months of the 2024 fiscal yr that began Oct. 1, the federal deficit reached $510 billion, up $89 billion, or 21% from the yr in the past interval.
A Treasury official mentioned that each year-to-date outlays and receipts have been information. Outlays rose 12% to $1.618 trillion, whereas receipts rose 8% to $1.108 trillion.
Public debt curiosity prices for December rose to $119 billion, up 11% or $12 billion from December 2022, attributable to increased debt ranges and the next weighted common rate of interest of three.11%. This fee was three quarters of some extent increased than a yr earlier.
(Reporting by David Lawder; Enhancing by Andrea Ricci)
