Posted 11/13/2023, 7:13:00 PM
U.S. Budget Deficit Shrinks in October but Remains High for 2023 Fiscal Year
- U.S. federal budget deficit was $67B in October, down from $88B last year
- Government receipts hit record $403B in October due to delayed California tax payments
- Spending rose to $470B, up from $406B last year; interest payments doubled to $88.9B
- Deficit swelled to $1.7T in 2023 fiscal year; debt now at $33T
- Analysts expect deficits around $2T/year for foreseeable future due to high interest rates