• 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.

Tagged: Economy