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Monthly Budget Review: February 2024

The federal budget deficit totaled $830 billion in the first five months of fiscal year 2024, the Congressional Budget Office estimates. That amount is $108 billion more than the deficit recorded during the same period last fiscal year: Although revenues this year were $121 billion (or 7 percent) higher, outlays rose more—by $228 billion (or 9 percent).

Outlays in the first five months of each year were reduced by shifts of certain payments that otherwise would have been due on October 1, which fell on a weekend. (Those payments were made in September 2022 and September 2023, respectively). If not for those shifts, the deficit thus far would have been $903 billion, $117 billion more than the shortfall for the same period in fiscal year 2023.

CBO currently projects a deficit of $1.5 trillion for fiscal year 2024, down from $1.7 trillion in fiscal year 2023. Excluding the effects of shifts in the timing of certain outlays, the decline in the deficit would be about $100 billion.

Originally published at https://www.cbo.gov/publication/59973

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