The US posted a budget deficit of USD 174 billion in June 2021, compared with a deficit of USD 864 billion in the same period last year and market expectations of a USD 194.0 billion gap. Receipts jumped 87% year-on-year to USD 449 billion due to an earlier tax deadline this year. In addition, taxes withheld from wages increased by 33% and corporate taxes rose to USD 79 billion from USD 11 billion last year, helped by the continued labor market recovery. Meanwhile, outlays dropped 44% from a year earlier to USD 623 billion, largely due to the outsized impact on the deficit a year earlier from the implementation of the Paycheck Protection Program. Fiscal year-to-date deficit narrowed to USD 2.238 trillion from USD 2.744 trillion for the first nine months of the prior fiscal year.
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