Thursday, June 8, 2023

Deficit of $236 billion in May 2023

 The deficit in May 2023 was $236 billion, CBO estimates—$170 billion greater than the amount recorded in May 2022. Revenues were $81 billion lower this May than they were in 2022; outlays increased by $89 billion. The federal budget deficit was $1.2 trillion [actually $1.161 trillion] in the first eight months of fiscal year 2023, the Congressional Budget Office estimates—$735 billion more than the shortfall recorded during the same period last year.  CBO’s current projections show a federal budget deficit of $1.5 trillion for 2023. https://www.cbo.gov/system/files/2023-06/59134-MBR.pdf

Net Interest FYTD is $374 billion, thus May 2023 interest was $63 billion.  Defense Spending FYTD is $440 billion, so May 2023 defense spending was $64 billion

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On 5/31/23, the total national debt was $31.464 trillion.  One year earlier, on 5/31/22, it was $30.5 trillion.  So it increased 3.2% in one year.

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