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MNI BRIEF: US Posts $1.7T Deficit, 3rd Largest In History


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 |
MNI Washington Bureau | +1 202-371-2121 |

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