The nonpartisan Congressional Budget Office (CBO) revealed that the federal government under President Biden ran a federal deficit of nearly $1 trillion in the “first seven months of fiscal year 2023.”
The CBO report was released on Monday, giving lawmakers insight into the current state of the federal deficit.
The nonpartisan agency found that in the first seven months of fiscal year 2023 alone, the federal government has hoarded $928 billion.
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“The federal budget deficit was $928 billion in the first seven months of fiscal year 2023, according to estimates by the Congressional Budget Office, or $568 billion higher than the deficit recorded in the same period. Last year”, CBO wrote on Monday.
“Revenues were 10% lower and expenses 8% higher from October to April compared to the same period in fiscal 2022,” the agency continued.
The CBO wrote that changes “in the timing of certain payments affect this comparison.”
“Expenditures this fiscal year were reduced by moving certain payments – totaling $63 billion – from October 1, 2022 (the first day of fiscal year 2023) to fiscal year 2022 because October 1 fell on a weekend. -end,” the agency wrote.
“Additionally, spending for the first seven months of fiscal year 2022 was $65 billion higher than it otherwise would have been because several federal payments that were due on May 1, 2022, a Sunday, were paid. in April 2022. If not for these timeline changes, the deficit in the first seven months of fiscal 2023 would have been $991 billion, compared to a deficit of $295 billion in the same period in 2022, a $696 billion increase.
The high spending figures come as Biden enters his 2024 re-election campaign.
The economy will likely be a major factor in 2024, as Biden will likely face questions about high inflation and other economic issues facing his presidency. A new ABC News/Washington Post survey found that 54% of American adults think Trump did a “better job” managing the economy during his administration, compared to 36% who said Biden handled the economy better.
Last month, Biden received a “bottomless Pinocchios” note from the Washington Post for repeatedly touting “misleading” deficit claims.
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Earlier this week, Biden told a group of unionized workers that in his first two years in office he had “cut the deficit by a record $1.7 trillion,” a claim Kessler has given “three Pinocchios” in September.
“Yet he keeps repeating it,” Kessler wrote on Friday. “By our calculations, at least 30 times since June, he has taken credit for cutting the budget deficit by $1.7 trillion.”
Fox News Digital’s Joseph A. Wulfsohn and Jessica Chasmar contributed reporting.
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