The federal budget deficit was $509 billion in the first quarter of fiscal year 2024 (Oct.-Dec. 2023) - up $87 billion from the deficit recorded during the same period last fiscal year, the Congressional Budget Office (CBO) reported Tuesday.

Revenues were $83 billion (or 8%) higher, but outlays rose by $170 billion (or 12 percent), compared to year-ago’s first quarter.

Without shifts in the timing of certain federal payments, the first quarter deficit would have been even greater ($553 billion) - $94 billion more than the shortfall for the same period in FY2023.

Receipts totaled $1.1 trillion during the first three months of FY2024, CBO estimates—$83 billion more than during the same period a year before, largely due to the postponement until fiscal year 2024 of various 2023 tax deadlines for some taxpayers in federally-declared disaster areas.

Receipts from corporate income taxes increased by $44 billion (up 42%), aided by the postponement of tax payments, while state and gift taxes increased by $2 billion (up 29%).

Noteworthy increases in federal spending include: