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

U.S. Budget Deficit Hits $1.7 Trillion - American Faith

The U.S. budget deficit increased 23 percent to $1.7 trillion, an increase of $320 billion, in the year after the Biden administration pushed through the Inflation Reduction Act which it claimed would close the government’s funding gap. The explosive growth in the deficit came as revenue fell $457 billion from a year ago and expenses decreased by just $137 billion. Total spending for the year came in at $6.134 trillion. Spending would have been …

US budget gap soars to $1.7 trillion, largest outside COVID era

The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose. The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. It marks a major return to ballooning deficits after back-to-back declines during President Joe Biden's first …

News Wrap: U.S. budget deficit rises to $1.7 trillion in 2023 fiscal year

In our news wrap Saturday, new numbers from the U.S. Treasury Department showed the nation's deficit has increased nearly 25 percent to $1.7 trillion in the last fiscal year, and at least four people have died in the torrential storm hitting parts of Europe for a third day.

Biden’s Budget Deficit Grew Way More Than We Thought This Year

The U.S. national budget deficit effectively doubled from 2022 to 2023 if President Joe Biden's failed student debt forgiveness plan is properly accounted for.

US budget deficit widens to $1.7 trillion on lower tax revenue

The US budget deficit has widened to $1.7 trillion, government data showed on Friday, in a development that could add pressure on President Joe Biden as he seeks reelection in 2024.The deficit expanded by $320 billion for the fiscal year ending September 30, following a drop in tax revenues and lower deposits of earnings by the Federal Reserve on the back of higher interest rates.Elevated rates also added to spending, bringing the 2023 shortfall…

U.S. Budget Deficit Soars to $1.7 Trillion, up 23 Percent From Last Year

Getting off this merry-go-round of deficit spending, leading to more national debt, which ends up increasing our debt servicing costs