CBO says federal deficit will reach $1.7 trillion this year, third worst in history
Through the first 10 months of the fiscal year, Uncle Sam has spent nearly $500 billion more compared to the same period last year.The result is a $1.62 trillion deficit so far, which is already worse than last year’s $1.38 trillion shortfall.has been warning for months that taxes were running lower than anticipated, with both corporate and individual tax revenue down. But analysts have struggled for explanations.
“The reasons for the difference will be better understood as additional information becomes available; one factor may be smaller collections of taxes on capital gains and other types of income,” the analysts said Tuesday.now says it figures revenue will come in $400 billion below what it was guessing just months ago.Social Security spending this year is up 11%, or $111 billion. There are more people getting checks, and inflation drove up the size of each check, too.
This year’s bank failures have also cost Uncle Sam, with the Federal Deposit Insurance Corporation seeing a $52 billion increase in its spending. Officials do expect to recover much of that money over the next few years. ’s monthly numbers are estimates. The Treasury Department will announce final figures from April later this week.
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