Posted 10/20/2023, 8:07:00 PM
U.S. Budget Deficit Jumps to $1.7 Trillion in Fiscal 2023 as Revenues Fall and Interest Costs Rise
- U.S. budget deficit increased by $320B to $1.7T in fiscal 2023 as revenue fell 9% and spending dropped 2%
- Revenue fell due to lower income taxes from decreased capital gains and rising interest rates cutting Fed deposits
- Spending on interest payments rose 23% or $162B for the year
- Deficit was 3rd highest on record after fiscal years 2020 and 2021
- Federal Reserve Chair warned rising U.S. debt levels are unsustainable and must be addressed