The U.S. government Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly.
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021 and marks a major return to ballooning deficits after back-to-back declines during President Joe Biden's first two years in office.
The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region. The big deficit, which exceeded all pre-COVID deficits, including those brought about by Republican tax cuts passed under Donald Trump and from the financial crisis years, is likely to enflame Biden's fiscal battles with Republicans in the House of Representatives, whose demands for spending cuts pushed the U.S. to the brink of default in early June over the debt ceiling.
A deal to avoid a government shutdown over deeper spending cut demands from Republican hardliners led to the ouster of U.S. House of Representatives Speaker Kevin McCarthy, and the party is still divided over who should lead them, which is expected to make negotiations ahead of a new fiscal deadline in mid-November more difficult.
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U.S. budget deficit jumps 23% to nearly $1.7 trillion as Social Security, health costs riseThe U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly.
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U.S. wraps up fiscal year with a budget deficit near $1.7 trillionThe U.S. ended up with an imbalance of $1.695 trillion, up about $320 billion, or 23.2%, from fiscal 2022.
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U.S. wraps up fiscal year with a budget deficit near $1.7 trillionThe U.S. ended up with an imbalance of $1.695 trillion, up about $320 billion, or 23.2%, from fiscal 2022.
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U.S. budget deficit swells to $1.7 trillion in fiscal 2023 as revenue tumblesRobert Schroeder is the Washington bureau chief for MarketWatch. Follow him on Twitter mktwrobs.
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Federal budget deficit rose to $1.7 trillion in fiscal 2023, Treasury saysZachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
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IMF seeks strong budget, narrower deficit from Sri LankaThe International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said on Friday.
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