Posted 10/21/2023, 9:53:20 PM
U.S. Budget Deficit Soars to $1.7 Trillion as Revenues Drop and Spending Rises
- U.S. budget deficit jumps to $1.7 trillion, largest outside of COVID era, as revenues fall and costs rise
- Deficit swells from drop in revenues, including lower non-withheld taxes and Fed earnings, despite drop in overall spending
- Outlays increase for Social Security, Medicare, and record interest costs on growing federal debt
- Deficit likely to spark fiscal battles with Republican House demanding cuts before debt ceiling deadline
- CBO warns deficits could approach COVID-era levels in coming years as costs mount for interest, healthcare, and pensions
