The Congressional Budget Office (CBO) has released its budget review for the first 10 months of fiscal year 2023. The federal budget deficit was $1.6 trillion, “more than twice the shortfall” for the same period in 2022. This is the result of a 10% drop in revenues, possibly due to smaller capital gains taxes. An uptick in spending of $51 billion was related to temporary COVID-19 refundable tax credits to help employers. The U.S. Supreme Court ruling against President Biden’s student loan forgiveness reduced outlays by $200 billion below May’s projection and could save another $330 billion in coming months. Here’s the CBO report: https://bit.ly/44aDXL4
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