WASHINGTON The White House on Friday revised its fiscal 2023 U.S. budget deficit forecast to $1.543 trillion, a decrease of $26 billion from its March budget forecast, due largely to a major reduction in outlays after the U.S. Supreme Court struck down President Joe Biden's student loan forgiveness program.

The Office of Management and Budget said in its Mid-Session Review update that the student loan decision would reduce outlays by $259 billion, offset slightly by an increase in spending due to rule changes for income-driven repayments.

(Reporting by David Lawder; editing by Jonathan Oatis)