US budget deficit widens from last year in August

The US Treasury said the US government posted a budget deficit of $220 billion for the month of August, up 29% from a gap of $171 billion in the same period last year.

Receipts in August rose by $35 billion, up 13% from a year ago, to $304 billion, with an increase of $25 billion, or 11%, in the individual income tax withholding, which accounts for most of the gains, the Treasury added. Expenditures rose by $84 billion, up 19% to $523 billion, just the second year-over-year increase in the federal deficit so far in fiscal year 2022, which ends on September 30 after the November increase in 2021.