"US Budget Deficit Skyrockets to $1.7 Trillion, Doubling in 2023"

The US government posted a budget deficit of $1.695 trillion in fiscal year 2023, a 23% increase from the previous year, driven by falling revenues and increased spending on Social Security, Medicare, and interest costs on the federal debt. This deficit is the largest since the COVID-19 pandemic, and it marks a return to rising deficits after two years of decline under President Joe Biden. The deficit is expected to fuel fiscal battles with Republicans in Congress, who are demanding spending cuts. The Treasury Department also revealed that the deficit would have been even larger if not for the Supreme Court striking down Biden's student loan forgiveness program.