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Deficit Tops $1 Trillion in First Six Months of FY2023

The federal deficit topped $1 trillion in the first six months of fiscal 2023 (October through

March), according to the Monthly Treasury Statement released yesterday. This was despite the fact that federal tax revenues in the first six months of this fiscal year were $2,048,196,000,000, which was the second-highest in the nation’s history (when compared to the inflation-adjusted numbers for the tax revenues collected in the first six months of previous fiscal years).

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