The federal government incurred a deficit of $376 billion in March 2023, CBO estimates— $183 billion more than the shortfall recorded in March 2022. The federal budget deficit was $1.1 trillion in the first half of fiscal year 2023, the Congressional Budget Office estimates—$430 billion more than the shortfall recorded during the same period last year—and consistent with projections CBO released in February. 1 Outlays were 13 percent higher and revenues were 3 percent lower from October through March than during the same period in fiscal year 2022.
Net outlays for interest on the public debt increased by $90 billion (or 41 percent), mainly because interest rates are significantly higher than they were in the first six months of fiscal year 2022.
Monthly Budget Review: March 2023 (cbo.gov)
Net Interest FYTD is $308 billion, thus March net interest was $68 billion. I think this is the first month ever to exceed $50 billion of net interest in a single month.
On 3/31/23, the total national debt was $31.458 trillion. On 3/31/2022, it was $30.401 trillion. Thus it increased 3.5% from the previous year.
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