The federal deficit topped $1 trillion in the first six months of fiscal 2023 (October through March), according to the Monthly Treasury Statement released today.
This was despite the fact that federal tax revenues in the first six months of this fiscal year were $2,048,196,000,000, which was the second-highest in the nation’s history (when compared to the inflation-adjusted numbers for the tax revenues collected in the first six months of previous fiscal years).
From February to March, according to the Monthly Treasury Statement, the fiscal 2023 federal deficit increased by $378,077,000,000, climbing from $722,627,000,000 to $1,100,704,000,000.