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 totaled $383 billion for the first two months of fiscal year 2024 (October and November 2023). This figure represents an increase of $47 billion compared to the same period in the previous fiscal year. The report indicates that while revenues increased by $108 billion (or 19 percent), outlays rose even more significantly by $155 billion (or 17 percent), leading to the higher deficit.
Analysis
The source of the claim appears to be a misinterpretation or misrepresentation of the budget figures. The $316 billion figure does not align with the official estimates provided by the Congressional Budget Office (CBO). The CBO's report clearly states that the deficit for the months of October and November 2023 was $383 billion, which is significantly higher than the claim.
Additionally, the CBO's report notes that if not for timing shifts in federal payments, the deficit could have been as high as $456 billion during this period, further emphasizing that the claim is not only incorrect but also misleading in terms of the actual fiscal situation (Monthly Budget Review: November 2023).
The credibility of the CBO as a source is strong, as it is a nonpartisan agency that provides objective analysis of budgetary and economic issues. Their estimates are based on comprehensive data and established methodologies, making them a reliable source for understanding federal budget deficits.
Conclusion
Verdict: False. The claim that "the deficit totaled just more than $316 billion for the month" is incorrect. The actual deficit for the first two months of fiscal year 2024 was $383 billion, as reported by the Congressional Budget Office. The discrepancy arises from a misunderstanding or misrepresentation of the budget figures, which are well-documented and verified by a credible source.
