{"id":1913774,"date":"2023-04-12T17:41:14","date_gmt":"2023-04-12T21:41:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/deficit-in-first-six-months-of-fiscal-year-2023-surpasses-1-trillion\/"},"modified":"2023-04-12T17:42:28","modified_gmt":"2023-04-12T21:42:28","slug":"deficit-in-first-six-months-of-fiscal-year-2023-surpasses-1-trillion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/deficit-in-first-six-months-of-fiscal-year-2023-surpasses-1-trillion\/","title":{"rendered":"Deficit In First Six Months Of Fiscal Year 2023 Surpasses $1 Trillion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdeficit-in-first-six-months-of-fiscal-year-2023-surpasses-1-trillion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1913774&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>The Congressional Budget Office (CBO) has reported a budget deficit of $1.1 trillion\u00a0for the first six months of the fiscal year, from October 2022 until March 2023. Increased spending and lower revenue intake are the reasons behind the deficit. The federal government spent $3.1 trillion but received only $2.0 trillion in the period, depicting\u00a0a 13% rise from the $2.8 trillion spent and 3% reduction from the $2.1 trillion received in the same period last year. The budget deficit has jumped by $430 billion\u00a0from the $668 billion seen between October 2021 and March 2022.<\/p>\n<p>The receipts from other sources, such as customs duties and remittances from the Federal Reserve, reduced by $53 billion, while individual income and payroll taxes\u00a0dropped by $33 billion, but collection of corporate taxes increased by $13 billion. Increased expenditure emerged largely from an additional $141 billion for Social Security, Medicare, and Medicaid costs and also an added $90 billion for interest expenses on the national debt\u00a0of the US.<\/p>\n<p>According to President of the Committee for a Responsible Federal Budget,\u00a0Maya MacGuineas, \u201cOur fiscal challenges will only become more difficult the longer we wait to do anything.\u201d The national debt of the US is currently $31.6 trillion, about 20% of the GDP of the country. Members of the House Freedom Caucus have already announced that they would oppose the raise of the debt ceiling until their proposals, which would create a\u00a0topline discretionary spending level at the 2022 fiscal year for a decade and allow 1% annual growth, is approved by Congress.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Higher spending and lower revenue intake produced a $1.1 trillion budget deficit in the first six months of fiscal year 2023, according to a report released Monday by the Congressional Budget Office. The federal government spent $3.1 trillion and received $2.0 trillion between October 2022 and March 2023, marking a 13% increase from the $2.8<\/p>\n","protected":false},"author":99,"featured_media":1913775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[8016,9647,8973,6461,12146],"class_list":["post-1913774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-8016","tag-deficit","tag-fiscal","tag-months","tag-surpasses"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1913774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1913774"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1913774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1913775"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1913774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1913774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1913774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}