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U.S. spending budget deficit hits $1.1 trillion in first 50 percent of fiscal year, Treasury says

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The numbers: The U.S. spending budget deficit strike $1.1 trillion in the 1st fifty percent of fiscal yr 2023, the Treasury Office claimed Wednesday, $432 billion a lot more than the shortfall in the similar interval a 12 months back. That consists of a March deficit of $378 billion.

Aspects: The broader deficit is generally due to elevated authorities paying out, which rose by 13% in the initially six months of fiscal 2023. Revenues were 3% decrease from Oct via March than throughout the year-back interval.

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