$19 billion (13%) increase in spending by the Department of Veterans Affairs due to rising health care costs and increasing health care utilization.

$23 billion (24%) decrease in spending by the Department of Agriculture’s Food and Nutrition Service, largely due to the COVID-19 emergency allotment for the Supplemental Nutrition Assistance Program (SNAP) that saw larger benefits in place this time last year through March 2023.

The FDIC expects to recoup this over the next 10 years through higher premiums from FDIC-insured institutions and by liquidating the affected banks’ assets.

$30 billion increase in spending by the Federal Deposit Insurance Corporation (FDIC) ($43 billion due to transactions with the Federal Financing Bank) as it continues to manage the aftermath of last spring’s bank failures.

$31 billion (8%) increase in spending by the Department of Defense for military personnel and the Department’s operations and maintenance.$133 billion (43%) increase in net interest payments on the public debt from rising interest rates and a growing debt burden.Outlays were $3.3 trillion through March, an increase of 6%, largely due to:*.This decline reflects slowing Employee Retention Tax Credit refunds compared to this period last year, given that the program has been subject to an IRS moratorium since September 2023. $27 billion (14%) decrease in individual income tax refunds, which increased net receipts.by the IRS in areas affected by natural disasters. $49 billion (35%) increase in corporate income taxes, largely attributable to business tax receipts that were delayed due to tax relief provided by the IRS in areas affected by natural disasters.Unemployment insurance receipts declined by $2 billion (15%). Of this amount, non-withheld payments of income and payroll taxes increased by $34 billion (12%), largely reflecting delayed tax filings last year partially attributable to tax relief provided by the IRS to those affected by natural disasters. $102 billion (6%) increase in individual income and payroll tax revenue.Revenues were $2.2 trillion through February, an increase of 7%, largely due to:.The government is running a cumulative deficit of $1.1 trillion so far in FY2024 ($46 billion more than the same period in the prior fiscal year when adjusted for timing shifts*).The March 2023 deficit was impacted by unique timing shifts in outlays, if not for which the deficit would have decreased $69 billion YOY in March 2024.*.$568 billion in outlays, decreased YOY by $124 billion (22%).$332 billion in revenues, increased YOY by $19 billion (6%).$236 billion deficit, decreasing year-over-year (YOY) by $143 billion.BPC’s economic policy team analyzes the government’s running budget deficit and updates the Deficit Tracker every month.

Congressional budget office history