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Home » The Deficit Rose to $1.7 Trillion in 2023. The White House Blames Republican Tax Cuts.

The Deficit Rose to $1.7 Trillion in 2023. The White House Blames Republican Tax Cuts.

    The federal budget deficit for fiscal year 2023 was $1.695 trillion, up from $1.375 trillion the prior year, according to data released Friday by the Treasury Department. Receipts for the year came in just over $4.4 trillion, down more than 10% from nearly $4.9 trillion in fiscal year 2022. Outlays fell 2%, from almost $6.3 trillion to about $6.1 trillion. Net interest costs surged to $659 billion, up from $476 billion in 2022 and $352 billion in 2021. “Most economists say these payments are eco

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