The Congressional Budget Office (CBO) estimates a federal budget deficit of $383 billion for October
and November 2023, the first two months of fiscal year 2024.
This amount is $47 billion higher than the deficit recorded during the same period in the previous fiscal year.
Revenues for the current year are $108 billion higher, a 19% increase, while outlays rose by $155 billion, a 17% increase.
Shifts in the timing of federal payments due to the weekend affected outlays in both years.
October 2023 spending increased by $64 billion compared to the previous year, with net interest spending being the main driver, up by $33 billion.
Two areas showing substantial spending increases are The Federal Deposit Insurance Corporation and interest on public debt.
Revenues in October 2023 were $85 billion higher, driven by deferred payments of individual and corporate income taxes in disaster-affected locations.
The Treasury Department reported a deficit of $67 billion for October, $2 billion more than CBO's previous estimate.
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