US Budget Deficit Up 77 Percent Over Last Year

Chart comparing US spending FY2022 to FY2023, Feb. 8, 2023. Courtesy Congressional Budget Office

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.