$1.5 Trillion Deficit in First 11 Months of Fiscal Year: CBO

The federal budget ran a surplus of $90 billion in August, according to the monthly budget review released Monday by the Congressional Budget Office. The August tally brings the deficit for the 2023 fiscal year, which began in October 2022, to $1.586 trillion so far. By comparison, the cumulative deficit in the first 11 months of the previous fiscal year was $946 billion — a difference of about $600 billion. Outlays were 3% higher during the October to August period in 2023 compared to 2022, CBO