Wednesday, May 10, 2023

April 2023 Surplus of $173 Billion

The federal government usually records a budget surplus in April. This year, the surplus in April was $173 billion, CBO estimates—$135 billion less than the amount recorded in April 2022. Revenues were $225 billion lower this April than they were in 2022; outlays were lower by $90 billion. The federal budget deficit was $928 billion in the first seven months of fiscal year 2023, the Congressional Budget Office estimates—$568 billion more than the shortfall recorded during the same period last year. The largest single increase was in net outlays for interest on the public debt, which rose by $107 billion (or 40 percent), mainly because interest rates are significantly higher than they were in the first seven months of fiscal year 2022.  https://www.cbo.gov/system/files/2023-05/59053-MBR.pdf

Net Interest FYTD is $374 billion, thus April 2023 interest was $66 billion.

Defense Spending FYTD is $440 billion, so April 2023 defense spending was $55 billion ($440 - 385).  So we are already spending more on interest than defense on a monthly basis, but not fiscal year to date.

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