Key facts
- US budget deficit for fiscal year ending Sept. 30 was $1.2 trillion.
- This is a $500 billion decrease from the prior fiscal year's $1.7 trillion deficit.
- Increased tax revenues and reduced government spending contributed to the narrower deficit.
The United States recorded a budget deficit of $1.2 trillion for the fiscal year ending September 30, according to data released by the Treasury Department. This figure marks a significant reduction from the $1.7 trillion deficit seen in the previous fiscal year.
The narrowing of the deficit is attributed to a combination of factors, including higher tax revenues and a decrease in government spending across various sectors. The exact breakdown of revenue increases and spending cuts will be detailed in the full fiscal report.