The Congressional Budget Office (CBO) reported an estimated federal budget deficit of $622 billion in the first two months of fiscal year 2025. That amount is $242 billion more than the deficit recorded during the same period last fiscal year. Revenue receipts were $50 billion, down 7% compared to last fiscal year, and outlays were $191 billion, 18% higher than last fiscal year. The change in the deficit was influenced by the timing of both outlays and revenues. For example, a portion of the deficit increase stems from a postponement of some tax payment deadlines from 2023 into 2024. For more details from the CBO: https://bit.ly/408GoOu
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