The U.S. budget deficit hit $1.1 trillion in the first half of fiscal year 2023, the Treasury Department said Wednesday, $432 billion more than the shortfall...
The U.S. budget deficit hit $1.1 trillion in the first half of fiscal year 2023, the Treasury Department said Wednesday, $432 billion more than the shortfall in the same period a year ago. The bigger deficit is mostly due to increased government spending, which rose by 13% in the first six months of fiscal 2023.
Revenues were 3% lower from October through March than during the year-ago period. Social Security spending rose as beneficiaries and average benefit payments increased, and interest on the public debt rose by 32%, reflecting higher interest rates. At the same time, there were large decreases in spending related to the pandemic, such as by the Small Business Administration.
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