MNI BRIEF: US Notched $262B Feb Budget Deficit, $723B YTD

The Treasury Department on Friday reported a USD723 billion budget deficit in the first five months of the fiscal year, with a USD262 billion deficit in the month of February alone.

The February deficit was up from January's USD39 billion. Receipts in February were USD262 billion, down USD28 billion, or 10%, compared with the year-ago month. Outlays were USD525 billion, up USD18 billion, or 4%, compared with February 2022. February's numbers and the decline in receipts were not surprising relative to Treasury's forecasts associated with the debt limit at this point in time, officials said on a call with reporters.

Compared to this point last year, the fiscal year 2023 deficit is up 52%, or USD247 billion. President Joe Biden's budget proposal released Thursday saw budget deficits over USD1.5 trillion every year through 2033.