Fact Check: "The deficit totaled just more than $316 billion for the month"
What We Know
The claim that "the deficit totaled just more than $316 billion for the month" is inaccurate. According to the Monthly Budget Review: November 2023, the federal budget deficit for the first two months of fiscal year 2024 was estimated at $383 billion. This figure represents a $47 billion increase compared to the same period in the previous fiscal year. The report indicates that while revenues increased by $108 billion (or 19%), outlays rose even more—by $155 billion (or 17%)—leading to a higher deficit than the previous year.
Analysis
The claim appears to confuse the specific month of October with the cumulative deficit for the first two months of the fiscal year. In October 2023, the deficit was reported as $67 billion, which is significantly lower than the $316 billion figure mentioned in the claim. The assertion may stem from a misunderstanding of monthly versus cumulative fiscal data.
Additionally, the source of the claim does not appear to be credible or relevant to the current fiscal data. The most recent accurate figures come from the Congressional Budget Office (CBO), which provides detailed and reliable estimates of federal budget deficits. The CBO's report indicates that the deficit for October and November combined is $383 billion, not the $316 billion claimed. This discrepancy highlights the importance of relying on up-to-date and authoritative sources when discussing fiscal matters.
Conclusion
The claim that "the deficit totaled just more than $316 billion for the month" is False. The actual deficit for the first two months of fiscal year 2024 is estimated at $383 billion, which is significantly higher than the claim. This misrepresentation likely arises from a misunderstanding of the fiscal data and the timing of reporting.
