U.S. wraps up fiscal year with a budget deficit near $1.7 trillion, up 23%

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The federal government wound up its fiscal year in September with a deficit just shy of $1.7 trillion, the Treasury Department announced Friday.

Wrapping up a year in which some thought the shortfall could exceed $2 trillion, the U.S. ended up with an imbalance of $1.695 trillion, up about $320 billion, or 23.2%, from fiscal 2022.

The huge deficit came as revenue fell by $457 billion from a year ago and expenses decreased by just $137 billion. Outlays for the year totaled $6.134 trillion.

The budget shortfall adds to the staggering U.S. debt total, which stood at $33.6 trillion earlier this week. The deficit level was eased some when the Supreme Court voided President Joe Biden’s effort to erase billions in student loan debt.

That number has swelled by more than $10 trillion since the first quarter of 2020, when the Covid pandemic hit and pushed the government into a spending spree aimed at making up for the damage done to the economy.

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