The US reports a budget deficit of 39,000 million dollars in January

The government of USA ran a budget deficit of $39 billion in January, up from a surplus of $119 billion a year ago, as revenue fell and there were one-time costs, such as the bailout of a union pension fund, the government said on Friday. Treasury Department.

The report, which comes as the Treasury employs extraordinary flow management measures to avoid exceeding the federal debt limit, showed revenue of $447 billion last month, down $18 billion. dollars, or 4%, compared to January 2022.

Aside from one-off costs, budget data showed little change from recent trends of slightly slower revenues and rising costs for Medicare, Social Security, and interest on government debt.

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The Treasury has said its ability to service US obligations may not last beyond early June unless Congress raises the legal debt ceiling to $31.4 trillion.

Republicans want concessions on spending from President Joe Biden, who has said he will not negotiate a cap hike.

Source: Reuters