Federal government posts $221 billion deficit in July

The US government recorded a $221 billion budget deficit in July. The Treasury Department informed that total receipts in July totalled $276 billion and outlays $496 billion. It compares to a deficit of $211 billion last year. 

With two months remaining in FY 2023, the deficit currently stands at $1.6 trillion, which is higher than the $1.3 trillion deficit recorded in FY 2022. It is worth noting that August and September of the previous year experienced the highest deficit.