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Monthly Budget Review: November 2023

The federal budget deficit totaled $383 billion in October and November 2023, the first two months of fiscal year 2024, the Congressional Budget Office estimates. That amount is $47 billion more than the deficit recorded during the same period last fiscal year: Although revenues this year were $108 billion (or 19 percent) higher, outlays rose more—by $155 billion (or 17 percent).

Outlays in October of 2022 and 2023 were reduced by shifts in the timing of certain federal payments that otherwise would have been due on October 1, which fell on a weekend in both years. (Those payments were made in September 2022 and September 2023, respectively.) If not for those shifts, outlays would have been $164 billion higher this fiscal year than in the same period last year, and the deficit thus far in fiscal year 2024 would have been $456 billion, $56 billion more than the shortfall at this time last year.

Originally published at https://www.cbo.gov/publication/59726

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