Deficit forecast is revised to US$1.543 trillion (S$2 trillion), a decrease of US$26 billion. Read more at straitstimes.com.
WASHINGTON - The White House on Friday revised its fiscal 2023 US budget deficit forecast to US$1.543 trillion , a decrease of US$26 billion from its March budget forecast, due largely to a major reduction in outlays afterThe Office of Management and Budget said in its Mid-Session Review update that the student loan decision would reduce outlays by US$259 billion, offset partly by an increase in spending due to rule changes for income-driven repayments.
The reduction was offset by increases in 2023 outlays for Social Security and Medicare and the Federal Deposit Insurance Corporation, while decreases for the unemployment compensation and the Child Tax Credit categories led to a net reduction in outlays of US$242 billion in 2023. The reduction in outlays for 2023 was substantially offset by a US$215 billion net reduction in receipts, mostly due to lower collections to date and technical revisions based on new tax reporting data, the budget office said.
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