Budget Deficit Tops $500 Billion in the First Quarter

The federal budget deficit was $129 billion in December, the Treasury Department reported Thursday. That brings the deficit for the first quarter of the 2024 fiscal year, which began in October, to $510 billion.

The deficit for calender year 2023 totaled $1.8 trillion.

Revenues of $429 billion in December were $26 billion lower compared to a year ago, while outlays of $559 billion were $19 billion higher.

The deficit is increasing more rapidly this year than in 2023, when the first quarter deficit totaled $421 billion. At the current rate, the annual deficit will top $2 trillion in 2024.