Worthy Christian News > US News > US Deficit Surges 52% to $723B Fiscal YTD

US Deficit Surges 52% to $723B Fiscal YTD

(Worthy News) – The U.S. government posted a $262 billion budget deficit in February, up 21% from a year earlier, as outlays grew and revenues fell, due largely to higher tax refunds issued as the Internal Revenue Service worked through a substantial backlog of unprocessed returns.

For the first five months of the 2023 fiscal year that started Oct. 1, the Treasury said the cumulative deficit came to $723 billion, up $247 billion, or 52%, from the comparable period of fiscal 2022, when the deficit was $476 billion.

The Treasury Department said Friday the deficit last month compared to a $217 billion budget gap in February 2022. [ Source: NewsMax (Read More…) ]