All articles tagged with #us budget deficit
The US budget deficit for May 2023 reached over $316 billion, increasing the year-to-date shortfall to $1.36 trillion, driven mainly by rising interest costs on the national debt, despite higher tax revenues and tariff collections. The deficit is now over 6% of GDP, raising concerns about fiscal sustainability amid warnings from financial leaders.
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.
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 outside of the COVID era and marks a return to ballooning deficits after two years of decline. President Biden's proposed foreign aid and security spending, along with demands for spending cuts from Republicans, are likely to fuel fiscal battles. The deficit for September 2023 fell to $171 billion from $430 billion in September 2022.
The US budget deficit for May 2021 surged to $240 billion from $66 billion a year earlier due to a decline in revenue and a surge in Medicare spending, according to the Treasury Department. Revenues for May totaled $307 billion, down 21% from $389 billion a year earlier, while outlays rose 20% to $548 billion, with a tripling of spending on the government-run Medicare health program for seniors driving much of the increase. The cumulative deficit for the first eight months of the fiscal year was $1.165 trillion, up from $426 billion a year earlier.