![]() Without that effect, the deficit for FY23 to date would be $310 billion above last year’s total to date.įor the first five months of FY23, total outlays were $2.5 trillion, $175 billion higher than the same period in the previous year (not accounting for timing shifts). However, because October 1 fell on a weekend in 2022, certain federal payments were shifted into September, leading to a $63 billion decrease in outlays for this fiscal year. The cumulative deficit so far this year is $247 billion above last year’s level. Total revenues fell by $28 billion, driven by a $37 billion decline in collections of individual income taxes which was partially offset by higher collections of social insurance and retirement receipts. However, reductions in income security payments ($23 billion decrease) and other programs partially offset higher spending elsewhere in the budget. ![]() The largest increases occurred for Social Security, Medicare, and interest on the public debt each category was at least $8 billion higher than the amounts recorded last year. Spending was up by $18 billion relative to last year. The federal government ran a deficit of $262 billion in February 2023, a $45 billion change from the deficit of $217 billion that was recorded in February 2022. Federal Budget Deficit for February 2022: $217 billion.Federal Budget Deficit for February 2023: $262 billion.The following contains budget data for February 2023, which was the fifth month of fiscal year (FY) 2023. Treasury releases data on the federal budget, including the current deficit. ![]()
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