The federal budget deficit was $1.5 trillion in the first 10 months of the 2024 fiscal year, according to an initial estimate released by the Congressional Budget Office released Thursday.
The deficit was $103 billion smaller than the deficit recorded in the first 10 months of 2023. Revenues were $397 billion (11%) higher this year, while outlays were $293 billion (6%) higher.
The CBO estimates that the deficit for the full 2024 fiscal year will come to $1.9 trillion. Once calendar effects are taken into account, that total is adjusted upwards to $2.0 trillion.
In the 2023 fiscal year, the deficit came to $1.7 trillion. That total was affected by the accounting for a student loan forgiveness program that never took effect; without that distortion, the full-year deficit came to $2.0 trillion.
Budget
Deficit Hits $1.5 Trillion in First 10 Months of Fiscal Year: CBO
Reuters/Erin Scott
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