Federal Revenue Up $87 Billion – But, Spending Rises Twice That – in 1st Quarter of FY2024 – By Craig Bannister (CNS News) / Jan 9, 2024
The federal budget deficit was $509 billion in the first quarter of fiscal year 2024 (Oct.-Dec. 2023) – up $87 billion from the deficit recorded during the same period last fiscal year, the Congressional Budget Office (CBO) reported Tuesday.
Revenues were $83 billion (or 8%) higher, but outlays rose by $170 billion (or 12 percent), compared to year-ago’s first quarter.
Without shifts in the timing of certain federal payments, the first quarter deficit would have been even greater ($553 billion) – $94 billion more than the shortfall for the same period in FY2023.
Receipts totaled $1.1 trillion during the first three months of FY2024, CBO estimates—$83 billion more than during the same period a year before, largely due to the postponement until fiscal year 2024 of various 2023 tax deadlines for some taxpayers in federally-declared disaster areas.
