U.S. Government’s Fiscal Mid-Year: Record Tax Collections But Huge Deficit

In Analysis by Michael Rae

We are halfway through the U.S. government’s 2023 fiscal year. The U.S. Treasury Department’s Monthly Treasury Statement documenting the federal government’s tax collections and spending has both good and bad news about the federal government’s fiscal situation.
First, the good fiscal news. After adjusting for inflation, the U.S. government has raked in the second-highest amount of revenue it has ever collected during the first six months of its fiscal year. CNSNews Terence P. Jeffrey reports the fiscal news:
The $2,048,196,000,000 that the federal government collected in tax dollars in the first six months of this fiscal year was only exceeded by the $2,236,043,500,000 (in constant March 2023 dollars)

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