Receipts for November fell 10% or $29 billion from a year earlier to $252 billion, while outlays rose 6% or $28 billion to $501 billion, also a November record.
Driving the revenue decline was a 4% drop in individual withheld tax receipts, a 64% increase in individual tax refunds and a 98% decline in Federal Reserve earnings.
The outlays were driven by a $14 billion, or 18% increase in Medicare costs, and an $11 billion, or 94% increase in education costs due to changes in direct student loan programs and public service loan forgiveness, a Treasury official said.
The Treasury’s interest costs on U.S. public debt grew 53% or $19 billion during November, but this was largely offset by a $17 billion decline in tax credits for children and low-income workers. For the first two months of fiscal 2023, the Treasury’s interest payments are up $48 billion, or 87%.
The Treasury’s deficit for the first two months of fiscal 2023 was down 6%, or $20 billion, to $336 billion, with outlays down 2% and revenues up 1% compared to the year earlier period.
Source: Economy - investing.com
