Published 6 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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Reuters

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

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 interest costs on the federal debt rose significantly.

6 months ago·United Kingdom

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The Star Kuala Lumpur

U.S. budget deficit up 23 pct in fiscal year 2023 amid rising interest rates

WASHINGTON, Oct. 20 (Xinhua) -- The U.S. federal government recorded a budget deficit of nearly 1.7 trillion dollars in fiscal year 2023, which ended in September, up 23.2 percent from the previous fiscal year, the Treasury Department reported Friday. Read full story

6 months ago·Malaysia

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Washington Times

Federal government notches $1.7 trillion deficit for fiscal year, third

The federal deficit leaped to $1.7 trillion for the just-ended fiscal year 2023, the Treasury Department announced, with President Biden's team pinning blame on his predecessor's 2017 tax cut package.

6 months ago·United States

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New York Post

US budget deficit balloons to $1.7 trillion — largest outside COVID era

The US government 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.

6 months ago·New York, United States

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CNBC

U.S. wraps up fiscal year with a budget deficit near $1.7 trillion

The U.S. ended up with an imbalance of $1.695 trillion, up about $320 billion, or 23.2%, from fiscal 2022.

6 months ago·United States

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Channel News Asia

US budget deficit jumps nearly US$1.7 trillion as Social Security, health costs rise

The US government on Friday (Oct 20) posted a US$1.695 trillion budget deficit in fiscal 2023, a 23 per cent jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly. The Treasury Department said the deficit was

6 months ago·Singapore

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