The US’ budget deficit fell 80% to $174 billion in June, from $864 billion in May, according to the Treasury Department on Tuesday.

Total receipts were $449 billion, against outlays of $623 billion, said the department.

Individual income taxes were $265 billion, while social insurance and retirement came at $80 billion and corporation income taxes were at $74 billion.

For outlays, social security was $100 billion, income security was $92 billion, while health and national defense came in at $66 billion and $65 billion, respectively.

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