$1 Trillion added to deficit in six months

According to today’s Monthly Treasury Statement, the federal deficit has exceeded $1 trillion during the first six months of fiscal 2023 (from October to March), CNS News reported.

This occurred despite federal tax revenues reaching $2,048,196,000,000, which is the second-highest in the nation’s history when adjusted for inflation and compared to the tax revenues collected during the first six months of previous fiscal years.

The Monthly Treasury Statement reports that the fiscal 2023 federal deficit rose by $378,077,000,000 between February and March, increasing from $722,627,000,000 to $1,100,704,000,000.

During fiscal 2023, the federal government collected $2,048,196,000,000 in taxes but spent $3,148,900,000,000, resulting in a deficit of $1,100,704,000,000.

Written by staff