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.
The huge deficit came as revenue fell by 457 billion dollars from a year ago to reach 4.4 trillion dollars, while expenses decreased by just 137 billion dollars to 6.1 trillion dollars, according to the department’s Final Monthly Treasury Statement. The latest budget shortfall has added to the already ballooning U.S. debt, which now stands at a staggering 33.6 trillion dollars. Peter G. Peterson Foundation, a nonpartisan organization dedicated to addressing the U.S. long-term fiscal challenges.—APP
