The federal deficit leaped to $1.7 trillion for the just-ended fiscal year 2023, the Treasury Department announced, with President Biden's team pinning blame on his predecessor's 2017 tax cut package.
The Treasury Building is viewed in Washington, May 4, 2021. The U.S. Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. (AP …The federal deficit leaped to $1.7 trillion for the just-ended fiscal year 2023, the Treasury Department announced, with President Biden’s team pinning blame on his predecessor’s 2017 tax cut package.
Things have gone sour on both the spending and revenue sides. If not for the student loan situation, spending would have risen by roughly $200 billion. “This drop in revenues was the primary driver of the increase in the deficit as a share of GDP. By contrast, non-interest spending did not meaningfully contribute to the increase in the deficit as a share of GDP,” the two women said in a joint statement urging Congress to raise taxes.The Defense Department spent about $50 billion more last year than in 2022, reaching more than $775 billion. The Labor Department and Housing and Urban Development also saw big changes.
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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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