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U.S. Budget deficit doubled (under Joe Biden) in 2023
On Friday, the U.S. government announced a budget deficit of $1.695 trillion for fiscal 2023, marking a 23 percent increase from the previous year. This substantial rise is attributed to decreased revenues and increased expenditures on Social Security, Medicare, and interest on national debt.
The Treasury Department highlighted that this is the most significant deficit since the $2.78 trillion gap in 2021, a consequence of the COVID-19 pandemic. This comes after President Joe Biden’s administration witnessed consecutive declines in deficits during his initial two years in office.
On Friday, the U.S. government announced a budget deficit of $1.695 trillion for fiscal 2023, marking a 23 percent increase from the previous year. This substantial rise is attributed to decreased revenues and increased expenditures on Social Security, Medicare, and interest on national debt.
The Treasury Department highlighted that this is the most significant deficit since the $2.78 trillion gap in 2021, a consequence of the COVID-19 pandemic. This comes after President Joe Biden’s administration witnessed consecutive declines in deficits during his initial two years in office.
U.S. Budget Deficit Doubled In 2023 | Presidential Daily
presidentialdaily.org