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## U.S. Federal Budget Deficit Shrinks in January

By David Lawder

### Treasury Department Announces $22 Billion Deficit for January

WASHINGTON (Reuters) – The U.S. federal budget deficit took a sharp drop in January, falling to $22 billion as receipts hit a record for that month. This decline was partly due to a decrease in tax refunds after the Internal Revenue Service (IRS) cleared a backlog of pandemic-delayed tax returns, the Treasury Department reported on Monday.

#### Comparison to Previous Year

The deficit in January 2024 was $17 billion, or 43%, less than the $39 billion deficit in January 2023. Outlays for the month grew 3% to $499 billion, while receipts jumped 7% to $477 billion. This comparison was also significantly helped by the absence of a large one-time outlay, such as the $36 billion bailout of a Teamsters union pension fund in January 2023.

#### Year-to-Date Deficit

Over the first four months of the fiscal year, the deficit rose $72 billion, or 16%, to $532 billion as costs to service the national debt rose, along with outlays for Social Security, Medicare, and military programs.

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