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Published 4 months ago

U.S. budget deficit jumps 23% to nearly $1.7 trillion as Social Security, health costs rise

  • The US federal government ended the fiscal year with a deficit of $1.695 trillion, which is a 23.2% increase from the previous year. This massive deficit was driven by a decrease in revenue by $457 billion and only a small decrease in expenses by $137 billion.
  • The deficit adds to the already staggering US debt total of $33.6 trillion. This debt has grown by over $10 trillion since the start of the Covid-19 pandemic in 2020, as the government embarked on a spending spree to revive the economy.
  • President Biden's fiscal battles with Republicans are likely to intensify as the deficit exceeds all pre-Covid deficits, including those caused by Republican tax cuts and the financial crisis. Biden's request for new foreign aid and security spending may face opposition from Republicans in the House of Representatives.
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