The US federal budget deficit has reached a record $711 billion in the first quarter of fiscal year 2023, up 39% from the same period last year. This significant increase is largely attributed to government spending, which rose to a record $1.8 trillion, mostly due to hurricane relief efforts. Revenue also saw a decline, falling by 2% compared to the previous year, with $1.1 trillion in revenue generated during this quarter.
The substantial rise in spending and decline in revenue have contributed to the widening deficit, marking a new high for the country’s fiscal performance. This development is expected to be closely monitored by economists and policymakers as they navigate the ongoing economic landscape.
Source: https://www.marketwatch.com/story/u-s-budget-deficit-swells-to-record-711-billion-in-first-quarter-of-fiscal-year-ab264267