U.S._ US Budget Deficit Doubles to $1.7 Trillion

NEWSMAX

US Budget Deficit Doubles to $1.7 Trillion

The United States Capitol Building in Washington, D.C. (Dreamstime)

Friday, 20 October 2023 04:41 PM EDT


The U.S. government Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump and an effective doubling 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.

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READ MORE: https://www.newsmax.com/finance/streettalk/u-s-budget-deficit-social-security-medicare/2023/10/20/id/1139096/

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