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FACT BRIEF

Was the federal deficit $1.6 trillion in the first 10 months of this fiscal year?

By Tom Kertscher
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YES

The federal budget deficit exceeded $1.6 trillion during the first 10 months of fiscal 2023, the Treasury Department reported Aug. 10, 2023.

U.S. Sen. Ron Johnson, a Wisconsin Republican, alluded to the figure in an Aug. 25 interview.

A deficit occurs when government spending exceeds revenues.

The period covered by the report was Oct. 1, 2022, through July 31, 2023. (Federal fiscal years run Oct. 1 through Sept. 30.)

The government spent $5.3 trillion and took in $3.7 trillion during the 10 months.

The largest expenditure, $1.1 trillion, was on Social Security.

The largest source of receipts, $1.8 trillion, was individual income taxes.

Recent full-year deficits were $1.4 trillion (fiscal 2022), $2.8 trillion (2021), $3.1 trillion (2020) and $1 trillion (2019). Spending in response to the COVID-19 pandemic raised deficits.

In the last 50 years, the budget has run a surplus five times, most recently in 2001, according to Treasury.

This fact brief is responsive to conversations such as this one.
Sources
US Department of the Treasury | Bureau of the Fiscal Service Treasury monthly report (Table 1)
Sean Spicer (YouTube) It’s Okay Because Hunter Biden Did It | Ep. 5
FiscalData US Deficit by Year
Committee for a Responsible Federal Budget Treasury Reports $1.6 Trillion Deficit For First 10 Months of Fiscal Year
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Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.