US budget deficit hitting $1.6 trillion so far in current fiscal year

According to the Treasury Department, the US government budget deficit reached $1.6 trillion during the first ten months of the current fiscal year.
4.110%

According to the Treasury Department’s report released on Thursday, the federal budget deficit increased by more than twice as much in the first ten months of fiscal year 2023, reaching $1.6 trillion. The year-to-date shortfall includes a $221 billion deficit for July.

Government receipts increased by 3% to $276 billion in July, while spending increased by 3% to $497 billion. Receipts for the entire fiscal year are down 10% to around $3.7 trillion.

Due to lower-than-expected individual and corporate income tax collections, receipts fell short of the predictions made by the Congressional Budget Office, the CBO stated in a separate report.