The Congressional Budget Office (CBO) estimates that the federal budget deficit for the first four months of fiscal year 2023 was $459 billion. That’s $200 billion more than the shortfall in the same period in 2022. Receipts for FY23 totaled $1.5 trillion, about 3% less than the same period in 2022. Individual income and payroll taxes together fell about 1%. The drop in individual income tax was partly due to an increase in individual tax refunds, which reduced net receipts. Outlays for certain credits that ended, such as recovery rebates and the enhanced Child Tax Credit fell by 60%. Net interest on the public debt rose 41%. Here’s the CBO report: https://bit.ly/415S3Np
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