US EditionU.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.
31 Articles
31 Articles
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.
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…
America ends its fiscal year with a 1.7 trillion dollar deficit
Shafaq News/The U.S. Treasury Department announced that the federal government closed itsالمالي year last September, with a deficit of nearly 1.7 trillion dollars. At the end of the fiscal year, some suggested that its deficit may exceed 2 trillion dollars.انتهى ordered the United States to have a budget deficit of 1.695 trillion dollars,أي, an increase of about 320 billion dollars, or 23.2%, over fiscal year 2022. The huge deficit came wit…
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