The federal budget deficit was $1.2 trillion in the first eight months of fiscal year 2023
(FY23), nearly three times higher than it was in the first eight months of fiscal year 2022 (FY22), the Congressional Budget Office (CBO) reported Thursday. From October 2022 through May, the FY23 federal deficit was $1.161 trillion - $735 billion higher than $426 billion shortfall recorded the previous year, even after $63 billion of expenditures were shifted into FY22. In May alone, the federal deficit was $236 billion.