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The Treasury Department Friday reported a USD1.695 trillion budget deficit in fiscal year 2023, up 23% or USD320 billion from last year, and the third largest deficit in American history. The month of September posted a USD171 billion deficit.
Receipts in 2023 were down USD457 billion or 9% compared to the previous year. Outlays were also down USD137 billion or 2%. Adjusting for President Joe Biden's student-loan plan that was struck down by the Supreme Court, the deficit would have been USD364 billion larger in 2023 alone.
Gross and net interest were at record levels in the year at USD879 billion and USD659 billion, respectively.
Source: Treasury Department
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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