The federal budget deficit was $335 billion in October and November 2022, CBO estimates. But for the shift of some payments into September, the deficit would have been $399 billion, $42 billion more than the corresponding shortfall last year.
The federal budget deficit totaled $335 billion in October and November 2022, the first two months of fiscal year 2023, the Congressional Budget Office estimates. That amount is $21 billion less than the deficit recorded during the same period last fiscal year: Revenues this year were $5 billion (1 percent) higher and outlays were $16 billion (2 percent) lower.
Outlays in the new fiscal year were reduced by the shift of certain payments—totaling $63 billion—from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend. If not for that, the deficit so far in 2023 would have been $399 billion, $42 billion greater than the shortfall in the first two months of fiscal year 2022.
