Budget deficit climbs $378 billion in March, tops $1.1 trillion in first half of FY 2023

The U.S. budget deficit has already topped $1 trillion in the first half of the fiscal year 2023.

So much for reducing the federal deficit.

The federal government recorded a budget gap of more than $378 billion in March, down from the $262 billion shortfall in February.

In total, the federal deficit stands at $1.1 trillion.

The widening deficit is the result of a 13 percent increase in spending and a three percent decline in revenues.

Here is a look at the state of Uncle Sam’s finances in the first six months of the fiscal year: