The federal budget deficit soared to $1.1 trillion for the first half of fiscal 2023, the Congressional Budget Office estimated Monday, $430 billion more than in the same time frame the previous year.
The rising deficit heralds a worsening budget picture for the federal government, especially as interest rates rise. It also presents a problem for President Joe Biden, who had previously boasted about the annual deficit falling as emergency pandemic spending declined.The nonpartisan budget office has previously projected that the deficit will continue to rise in the years ahead as spending outpaces revenues, driving the federal debt, which represents the accrued deficits, up to record highs.
The CBO said the deficit rose in the first half of the fiscal year because revenues fell by 3% while spending increased by 13%.
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