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Congressional budget office6/24/2023 ![]() ![]() With March’s expiration of the coronavirus public health emergency, April 2023 was the first month in which states could reassess eligibility and disenroll those who no longer qualify, but CBO anticipates it will take several months for states to complete that policy change. $25 billion (7%) increase in Medicaid reflecting enrollment increases stemming from COVID-era eligibility policies.$33 billion (8%) increase in spending by the Department of Defense, mainly for operations, maintenance, research, and development.$39 billion increase in spending by the Federal Deposit Insurance Corporation (FDIC) due to several bank failures throughout spring 2023, which it expects to recover by liquidating the banks’ assets and collecting higher premiums from other FDIC-insured institutions over the next several years.$48 billion (56%) increase in Department of Education programs, largely due to costs associated with the extension of the pause on student loan payments.$107 billion (40%) increase in net interest payments on the public debt, the single largest increase in net outlays due to rising interest rates.Outlays were $3.7 trillion, an increase of 12% largely due to:*.$10 billion (18%) decrease in customs duties due to a reduction in imports.(These count towards federal revenue, as UI is a federal program administered by states.) $10 billion (30%) decrease in unemployment insurance (UI) receipts, as states levied higher taxes on employers during FY2022 to replenish UI trust funds that were depleted from high unemployment during the pandemic.$70 billion (99%) decrease in remittances from the Federal Reserve, as continued higher interest rates raised the Fed’s interest expenses above its income and eliminated profits across most of its banks.$80 billion (46%) increase in individual income tax refunds.Of this amount, non-withheld payments of income and payroll taxes declined by $190 billion (23%), largely reflecting a decrease in 2022 tax liabilities. $8 billion (4%) net increase in corporate income tax receipts, while individual income and payroll tax revenue declined by $235 billion (9%).Revenues were $2.7 trillion, a decrease of 10%, largely due to:.The government ran a cumulative deficit of $928 billion ($991 billion including timing shifts, $696 billion more than during the same period last year.*). ![]() April deficits have recently been impacted by unique timing shifts in outlays, if not for which the surplus would have been $373 billion in April 2022 and $99 billion in April 2023.*įiscal Year-to-Date Comparisons with FY2022:.$465 billion in outlays, decreased YOY by $90 billion (16%).$638 billion in revenues, decreased YOY by $225 billion (26%).$173 billion surplus, decreasing year-over-year (YOY) by $135 billion.Give Search Keywords Submit Policy Areas.
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