A briefing by Phillip Swagel, CBO’s Director, for the U.S. House of Representatives.
The federal budget deficit was $724 billion in the first five months of fiscal year 2023, CBO estimates—$248 billion more than the shortfall recorded during the same period last year.
CBO Director Phillip Swagel testifies before the House Appropriations Committee’s Subcommittee on the Legislative Branch.
