October marks the beginning of fiscal 2023. In October, the Treasury registered a monthly deficit of $87.8 billion, compared with the $165.1 billion deficit in October 2021. Federal receipts rose 12.2% year over year to $318.6 billion, while outlays declined by 9.5% year over year to $406.4 billion largely because of timing effects and spending tied to the American Rescue Plan a year ago.
10% inflation and they’re still running a 20% of spending budget deficit. Great plan, eh?