United Kingdom

US budget gap soars to $1.7 trillion, largest outside COVID era

By David Lawder


WASHINGTON (Reuters) -The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.


The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. It marks a major return to ballooning deficits after back-to-back declines during ‘s first two years in office.