Annual US budget deficit hits $779b, highest since 2012: US Treasury

Washington: The US budget deficit hit $779 billion (Dh2.8 billion) in the fiscal year ending September 30, the highest since 2012 and $113 billion more than in the prior year, the Treasury announced Monday.

The deficit is equivalent to 3.9 per cent of gross domestic product (GDP), up from 3.5 per cent in the 2017 fiscal year, according to the report.

Receipts increased in part due to higher tax payments, while total government borrowing increased by $1 trillion to $15.75 trillion, including $779 billion to finance the deficit.