Deficit In First Six Months Of Fiscal Year 2023 Surpasses $1 Trillion

  • Higher spending and lower revenue intake produced a $1.1 trillion budget deficit in the first six months of fiscal year 2023, according to a report released Monday by the Congressional Budget Office.
  • The federal government spent $3.1 trillion and received $2.0 trillion between October 2022 and March 2023, marking a 13% increase from the $2.8 trillion spent and a 3% decrease from the $2.1 trillion received during the same period in fiscal year 2022.
  • The budget deficit for the first half of the fiscal year, therefore, increased by $430 billion from the $668 billion deficit seen between October 2021 and March 2022.
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