Economic Buzz: US budget deficit at $404 billion in 2027 fiscal year

The United States federal government started a new fiscal year by registering a $404 billion budget deficit, the Treasury Department stated on Thursday.

The October figure marked a 42% increase compared to the deficit seen in the corresponding month the year before. According to the statement, Medicare accounted for the largest share of government spending, totaling $170 billion, followed by Social Security expenditures of $143 billion and National Defense of $129 billion.

Meanwhile, individual income taxes generated $186 billion in revenue during the first month of the new fiscal year, while social insurance & retirement receipts totaled $131 billion.

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