Saturday, December 10, 2022

Deficit of $248 Billion in November 2022

The federal budget deficit totaled $335 billion in October and November 2022, the first two months of fiscal year 2023, the Congressional Budget Office estimates. The federal government incurred a deficit of $248 billion in November 2022, CBO estimates—$56 billion more than the deficit recorded last November.  https://www.cbo.gov/publication/58756/html

How much was interest?  In October 2022, the US spent $43 billion in net interest, which is the 4th largest category, behind Social Security, National Defense, and Health.  

In November 2022, the US spent $50 billion in net interest, for a total of $93 billion fiscal year to date. 

How does this compare to projections?  The last official projections I saw show a $542 billion primary deficit in FY 2023 and $442 billion in net interest for a total of $984 billion projected for the year.  It looks like this will be blown out of the water.

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