Thursday, March 9, 2023

February 2023 Deficit was $263 Billion

 The federal government incurred a deficit of $263 billion in February 2023, CBO estimates— $47 billion more than the deficit recorded last February. Revenues were lower this February than they were a year ago; outlays were higher.

The federal budget deficit was $724 billion in the first five months of fiscal year 2023, the Congressional Budget Office estimates—$248 billion more than the shortfall recorded during the same period last year. Outlays were 8 percent higher and revenues were 4 percent lower from October through February than during the same period in fiscal year 2022. 

https://www.cbo.gov/system/files/2023-03/58938-MBR.pdf

Net interest fiscal year to date was $240 billion, thus February net interest was $42 billion.

On the bright side, interest was only a small portion of the deficit.

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