The federal budget deficit totaled $531 billion in the first four months of fiscal year 2024, CBO estimates—$71 billion more than the deficit recorded during the same period last fiscal year.
The federal budget deficit totaled $531 billion in the first four months of fiscal year 2024, the Congressional Budget Office estimates. That amount is $71 billion more than the deficit recorded during the same period last fiscal year: Although revenues this year were $112 billion (or 8 percent) higher, outlays rose more—by $183 billion (or 9 percent).
Outlays in the first four 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 $604 billion, $80 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.
