Advertisement. Scroll to continue reading.
Advertisement. Scroll to continue reading.
ADVERTISEMENT
A burgeoning federal budget shortfall could play into Republican lawmakers’ pressure to curtail federal spending.
The government’s budget deficit increased 23% in 2023 as lower income-tax receipts dragged down revenue while rising interest rates added to spending. The shortfall for the fiscal year that ended Sept. 30 widened to $1.7 trillion, equivalent to 6.3% of gross domestic product, according to Treasury data released Friday. That’s the third-largest on record and compares with $1.38 trillion in the prior 12 months, or 5.4% of GDP.
While the ballooning gap coincides with a surprisingly resilient US economy, it also points to longer-term fiscal …
Advertisement. Scroll to continue reading.
ADVERTISEMENT
ADVERTISEMENT