The federal government broke all records, running a budget deficit of $15.1 billion between April and October, with $7 billion of that deficit coming in October. The Treasury Department said the deficit in the same period of 2022 was $0.2 billion.

Government revenues increased $3 billion, or 1.2%, reflecting both gains from interest rate hikes and other non-tax sources.
Program spending, excluding insurance claims, rose to $11.8 billion, up 5.4% from the same time a year ago, when spending in all major categories increased.

Debt service also rose to $7.5 billion, or 38.1%, largely due to higher interest rates, but partly offset by a downward adjustment to the purchasing price index. Net insurance losses increased by $1.3 billion, or 23.2%, also compared to 2022