![]() The largest categories of growth in outlays were for interest payments ($152 billion larger in 2023), higher spending for Social Security ($111 billion) and the Department of Education ($96 billion), and a reduction in receipts from the auction of licenses to use the electromagnetic spectrum (which are recorded as offsets to spending and are down by $81 billion). ![]() Without those effects, the deficit for FY23 to date would be $950 billion above last year’s corresponding total.įor the first 10 months of FY23, total outlays were $5.3 trillion, $471 billion higher than the same period in the previous year (not adjusting for timing shifts). However, because October 1 fell on a weekend in 2022, certain federal payments were shifted into September (the previous fiscal year), leading to a $63 billion decrease in outlays for this fiscal year. This year’s cumulative deficit is more than twice the size of the deficit through July last year-$887 billion above last year’s level. Changes in revenues were relatively small in July relative to a year ago-individual income and payroll taxes increased by $14 billion, net of refunds that amount was partially offset by a $6 billion decline in excise tax revenues. Other categories that saw spending increase by more than $10 billion were Medicare ($13 billion), interest on the public debt ($12 billion), and Social Security ($12 billion). The largest increase occurred for the Department of Education ($73 billion), primarily attributable to the recording of costs associated with modifying outstanding student loans under the Administration’s new income-driven repayment plan. However, adjusting for the timing shift, spending was higher by $104 billion. Spending in July 2023 was up by $17 billion, and revenues in July 2023 were up by $7 billion relative to the previous year. Excluding the effect of that shift, the deficit would have been $308 billion in July 2023, and the year-over-year difference would have been a $97 billion increase. However, because July 1, 2023, fell on a weekend, certain payments that would have occurred that month were shifted into June. The federal government ran a deficit of $221 billion in July 2023, a $10 billion increase from the deficit of $211 billion that was recorded in July 2022. Federal Budget Deficit for July 2022: $211 billion.Federal Budget Deficit for July 2023: $221 billion.The following contains budget data for July 2023, which was the tenth month of fiscal year (FY) 2023. Treasury releases data on the federal budget, including the current deficit. " Spending Explorer: You Are Viewing FY 2022 Spending by Budget Function.Every month the U.S. " Consolidated Appropriations Act of 2021. " Historical Tables." Table 5.4-Discretionary Budget Authority by Agency: 1976–2025. ![]() " National Defense Budget Estimates for FY 2021," Table 2.1. “ A Budget for America’s Future: FY 2021,” Table S-8. ![]() " What is the Difference Between Mandatory and Discretionary Spending?" " Historical Tables," Table 5.2-Budget Authority by Agency: 1976–2025.Ĭongressional Budget Office. " Older People Projected to Outnumber Children for First Time in U.S. " Historical Tables." Table 8.1-Outlays by Budget Enforcement Act Category: 1962–2025. " Debt and Deficits: Spending, Revenue, and Economic Growth,". " Historical Tables." Download Table 1.2-Summary of Receipts, Outlays, and Surpluses or Deficits (-) as Percentages of GDP: 1930–2025.Ĭongressional Research Service. " Understanding Sequester: An Update for 2018." “ A Budget for America’s Future: FY 2021,” Table S-5.įederal Reserve Bank of St. “ A Budget for America’s Future: FY 2021,” Table S-4. ![]()
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