The Congressional Budget Office (CBO) has reported that the estimated federal budget deficit for the first four months of fiscal year 2024 reached $531 billion. That amount is $71 billion more than the deficit recorded during the same period during fiscal year 2023. Although revenues this year were $112 billion (8%) higher, outlays rose by $183 billion (9%). Note that a significant portion of the revenue increase is the result of the postponement until fiscal year 2024 of various 2023 tax deadlines for some taxpayers in federally declared disaster areas. The CBO currently projects a deficit of $1.5 trillion for fiscal year 2024, down from $1.7 trillion in fiscal year 2023.
