The U.S. federal budget deficit narrowed to $2.71 trillion in the first 11 months of the fiscal year, the Treasury Department said Monday.
The numbers: This is down $297 million or 10% from the $3 trillion deficit over the same period last year.
Key details: Government receipts are up 18% to a record $3.59 trillion over the first 11 months of the fiscal year. Corporate taxes are up 57% over that period, as corporate profits have recovered from the depths of the pandemic.For the month of August, receipts were up 20% to $268 million while outlays were up 4% to $439 billion. The Treasury had to pay more interest on the federal debt this month as a result of rising yields on Treasury-Inflation-Protected Securities.
The department is still facing the serious threat of a default as Congress looks to tackle the federal debt ceiling. Treasury Secretary Janet Yellen has warned against that delay.
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