Posted 10/20/2023, 11:12:00 PM
U.S. Budget Deficit Jumps to $1.7 Trillion as Tax Receipts Plunge, But Economy Shows Resilience
- U.S. budget deficit hit $1.7 trillion after drop in revenue, equal to 6.3% of GDP
- Federal receipts fell 9.3% from previous year, mainly due to $456B decline in income taxes
- Deficit rose $320B from previous period
- U.S. economy remains resilient despite global headwinds, contrary to recession predictions
- Biden administration focused on navigating to sustainable economic growth
