The federal budget deficit totaled nearly $2 trillion for the fiscal year that ended on September 30—the third-largest in American history, trailing only the two deficits recorded during the COVID-19 pandemic.
The fiscal year totals released Thursday by the Congressional Budget Office (CBO) paint another bleak picture about the state of the federal budget. That near-record deficit occurred despite tax revenue increasing by about 3 percent year over year. The federal government collected more than $5.4 trillion in taxes during the past fiscal year.
