U.S. budget deficit jumps 23% to nearly $1.7 trillion as Social

 

U.S. budget deficit jumps 23% to nearly $1.7 trillion as Social Security, health costs rise

https://finance.yahoo.com/news/u-budget-deficit-jumps-23-200347158.html

 

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 interest costs on the federal debt rose significantly.

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

The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region.