"U.S. Federal Deficit Skyrockets, Doubling in Fiscal Year 2023"
The US budget deficit for fiscal year 2023 reached $1.7 trillion, a 23% increase from the previous year, according to Treasury Department data. However, if the impact of President Biden's federal student debt cancellation plan, which was struck down by the Supreme Court, is excluded, the deficit effectively doubled to about $2 trillion. Lower tax revenues and increased spending on entitlement programs contributed to the widening deficit. The growing debt load will become costlier as interest payments rise, posing long-term fiscal challenges for the US. The deficit data will likely complicate Congress' efforts to reach a federal spending deal before government funding runs out next month.
- Federal deficit effectively doubled in fiscal year 2023 CNN
- U.S. Deficit, Pegged at $1.7 Trillion, Effectively Doubled in 2023 The New York Times
- U.S. wraps up fiscal year with a budget deficit near $1.7 trillion, up 23% CNBC
- U.S. payments on debt spike to $659 billion, nearly doubling in two years The Washington Post
- The Federal Deficit Is Growing. This Is Why. The New York Times
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