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US budget deficit climbs to $1.7 trillion in 2023 fiscal year

As a percentage of GDP, the deficit was 6.3%, up from 5.4% in fiscal year 2022

WASHINGTON, October 21. /TASS/. The US budget deficit increased over the past year by $320 bln to $1.7 trillion, Secretary of the Treasury Jannet Yellen and Director of the Office of Management and Budget Shalanda Young said in their joint statement.

In financial year (FY) 2023 that ended on September 30, "the deficit for FY 2023 was $1.7 trillion; $320 billion higher than the prior year’s deficit. As a percentage of GDP, the deficit was 6.3%, an increase from 5.4% in FY 2022," the statement reads.

The deficit in the ended financial year turned out to be $31 bln lower than the estimated figure as of the end of the previous financial year. In financial year 2022, the budget deficit stood at $1.37 trillion.

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