Deficit Totals $1.6 Trillion for First 10 Months of Fiscal Year: CBO

The federal budget deficit came to an estimated $1.6 trillion in the first 10 months of the 2023 fiscal year, according to the latest monthly analysis from the Congressional Budget Office. The fiscal gap is more than twice as large this year as it was last year at the same point in the calendar. Outlays have been 10% higher in the current fiscal year, which began in October 2022, while revenues have been 10% lower. In light of the most recent data, the CBO has revised its estimate for the full-y

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