The numbers: The U.S. budget deficit hit $1.1 trillion in the first half of fiscal year 2023, the Treasury Department said Wednesday, $432 billion more than the shortfall in the same period a year ago. That includes a March deficit of $378 billion.
Details: The wider deficit is mostly due to increased government spending, which rose by 13% in the first six months of fiscal 2023. Revenues were 3% lower from October through March than during the year-ago period.
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