The United States accumulated a deficit of $459 billion in the first third of fiscal year 2023, an increase of 77 percent over the previous year. The finding was reported by the Congressional Budget Office (CBO) on Feb. 8.
The deficit would have been even higher if Oct. 1, 2022, the first day of fiscal year 2023, had fallen on a weekday. Because the date fell on a weekend, some 2023 expenses were paid in the previous year.
“If not for those shifts, the deficit would have been $522 billion, double the shortfall during the same period in fiscal year 2022,” the report stated.
The CBO provides nonpartisan analysis of budget matters for Congress. The 2023 fiscal year ends Sept. 30….