The US budget deficit in the first nine months of the fiscal year nearly tripled from a year ago, the Treasury Department said Thursday, citing lower receipts and higher spending.
The deficit for the period between October 2022 and June this year came in at $1.39 trillion -- up from $515 billion the same period a year ago.
Receipts slipped 11 percent compared with last year, while outlays rose by 10 percent.
Part of this reflects strong receipts last year and slower receipts this year in capital gains and other categories, a Treasury official told reporters.
Among outlays, a factor is higher interest expenses, the official added, speaking on condition of anonymity.
Federal Reserve earnings are down $93 billion, while interest on the public debt rose $131 billion to $652 billion in the year-to-date period, due mainly to higher interest rates, according to the Treasury.
Social Security Administration outlays were also up by $101 billion, driven by cost-of-living adjustments and increased beneficiaries in the program, the official added.
The official also highlighted the Federal Deposit Insurance Corporation's net outlays, primarily for the resolution of First Republic, Silicon Valley and Signature banks -- noting this was about $52 billion fiscal year-to-date.
