• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. US faces budgetary deficit of $211 billion
US & Canada

US faces budgetary deficit of $211 billion

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Aug 2022 12:42

Following the expiration of pandemic-related aid in June, the US Treasury Department is still facing high budget deficits due to major spending.

  • US Department of Treasury (The New York Times)
    US Department of Treasury (The New York Times)

According to reports released Wednesday by the Treasury Department, the US federal budget deficit stood at $211 billion in July, with total receipts amounting to $269 billion against outlays of $480 billion. 

In numbers: Where the deficit came from 

Per the report statements, individual income taxes were $128 billion, while social insurance and retirement came in at $108 billion. As for the outlays, social security spending was $103 billion, however, while health and Medicare were at $72 billion and $67 billion, respectively. 

June reported a deficit of $426 billion, following the expiration of pandemic-related programs and aid. 

Outlays refer to the amounts spent by the government, as opposed to the receipts that represent the income that the government is receiving. Thus when spending is greater than what the income is, a budget deficit becomes an issue of the national debt. 

No sign of US recession?

The calculated total deficit came to almost $726 billion since the beginning of the 2022 fiscal year that began October 1st.

For the fiscal year 2022, total receipts were $4.1 trillion against outlays of approximately $4.8 trillion, per the figures. 

US Treasury Secretary Janet Yellen stated in July that there is no indication of a recession in the US economy but that the country was experiencing a national "necessary and appropriate" slowdown. 

Although Secretary Yellen revokes claims of a near recession, economic indicators prove otherwise, as consequences have rolled over in the past year. The US has seen food and baby formula shortages, inflation, a gas crisis, and sanitary product deficiencies, not to mention an exponential increase in prices all over the nation. The fallouts of the US economic deficit are resembling a domino effect, despite government denial of any recession or crisis, with housing and a mortgage crash anticipated to come next. 

According to the US Department of the Treasury website, the Monthly Treasury Statement of Receipts and Outlays of the United States Government, known as MTS, is usually released on the 8th workday of the month following the reporting month. 

Read more: US trade deficit hits new high with imports climbing

  • US
  • Budget
  • Trade deficit
  • US Treasury
  • Janet Yellen
  • Recession

Trending Now

All
Yellen

Yellen 'nervous' about US defaulting on its debt: Axios

Most Read

Neo-compradors: the leftist foot soldiers of Imperialism

Neo-compradors: the leftist foot soldiers of Imperialism

  • MENA
  • 2 Feb
Eastern Mediterranean very dangerous at seismic level: Hoogerbeets

Eastern Mediterranean very dangerous at seismic level: Hoogerbeets

  • MENA
  • 7 Feb
dasd

Biden offers Russia 20% of Ukraine, WH says report 'not accurate'

  • Politics
  • 3 Feb
The politics of the entire ​region are being blighted ​-- ​just as occurred during the EU infighting between France and the UK at the outset of the 2006 war.

EU’s ‘Ukraine Derangement’ blights the entire Middle East

  • Analysis
  • 5 Feb

Read this

All
Western selective humanitarianism, Syria earthquake falls on deaf ears
MENA

Western selective humanitarianism, Syria earthquake falls on deaf ears

  • 6 Feb
A member of Iraqi security forces walks past Red Crescent vehicles carrying aid heading to a plane of emergency relief aid to Syria to support earthquake victims, in Baghdad, Iraq, February 6, 2023 (Reuters)
MENA

Russia denies asking 'Israel' to help Syria - reports

  • 7 Feb
Youths face riot police officers, background, during scuffles as part of a demonstration against plans to push back France's retirement age, February 7, 2023 in Paris, France (AP Photo)
Europe

750,000 French participating in 3rd protest over pension reform

  • 7 Feb
Russian Foreign Minister Sergey Lavrov, left, and Mali's foreign minister Abdoulaye Diop and address a press conference in Bamako, Mali, February 7, 2023 (AP Photo)
Europe

Lavrov slams Borrell over allegations of disinformation in Africa

  • 7 Feb
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS