Federal Deficit Soars to $1.7 Trillion as Spending Rises and Revenues Fall

The federal budget deficit doubled to $1.7 trillion in fiscal year 2023, up from $1.37 trillion in 2022, due to falling tax receipts and rising interest costs.

Republicans blame spending on social programs, while Democrats want to raise taxes on the wealthy to address deficits.

Interest costs on the national debt hit a record $659 billion in 2023, more than double the amount a decade ago.

The national debt topped $33 trillion this year, raising concerns about the government's ability to finance two wars.

Dysfunction in Congress prevents progress on spending cuts or tax hikes to reduce deficits.