US Budget Deficit Hits $1.27 Trillion So Far This Year

The annual federal deficit is on track for $1.9 trillion, according to the Congressional Budget Office.

The Treasury Department in Washington on March 25, 2024. Madalina Vasiliu/The Epoch Times

The federal government posted a smaller-than-expected budget deficit in June, caused by various calendar effects that allowed tax receipts to grow and outlays to fall, according to the Monthly Treasury Statement.

Last month, the federal deficit was $66 billion, down 71 percent from a year ago.