The U.S. federal deficit surged 156 percent in the year through June as expenditures jumped while revenues continued to weaken, according to the Department of the Treasury.
The latest monthly Treasury statement (pdf), released on July 13, shows that the government posted a $228 billion budget deficit in June, up sharply compared to a budget gap of $89 billion in the same month last year.
The Treasury statement shows that June expenditures rose $96 billion, or 18 percent from a year ago, to $646 billion.
Income from taxes in June fell $42 billion, or 9 percent, to $418 billion.
Calendar adjustments were partly to blame for the big jump in the deficit in large measure because July 1 fell on a weekend. Without this, as well as other calendar adjustments, the June deficit would have been $142 billion, a more modest but still significant 66 percent increase over June 2022 levels….