First-Quarter Budget Deficit Rose to $418 Billion: CBO
Budget

First-Quarter Budget Deficit Rose to $418 Billion: CBO

Reuters/Jonathan Ernst

The federal budget deficit was an estimated $82 billion in December, the Congressional Budget Office reported Tuesday, bringing the total deficit for the first quarter of the 2023 fiscal year, which started in October, to $418 billion.

The deficit is $41 billion larger compared to the first quarter of the previous fiscal year, with revenues of about $1 trillion about $26 billion (or 2%) lower and outlays of about $1.4 trillion about $15 billion (or 1%) higher.

For the 2022 calendar year, the deficit totaled $1.4 trillion – or nearly $4 billion per day.

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