The federal deficit nearly tripled, raising concern about the country’s finances – By Scott Horsley (NPR) / July 13, 2023
The federal government’s deficit nearly tripled in the first nine months of the fiscal year, a surge that’s bound to raise concerns about the country’s rising debt levels.
The Treasury Department said Thursday that the budget gap from October through June was nearly $1.4 trillion — a 170% increase from the same period a year earlier. The federal government operates under a fiscal year that begins October 1.
The shortfall adds to an already large federal debt — estimated at more than $32 trillion. Financing that debt is increasingly expensive as a result of rising interest rates. Interest payments over the last nine months reached $652 billion — 25% more than during a same period a year ago.
“Unfortunately, interest is now the government’s fastest growing quote-unquote ‘program,'” said Michael Peterson, CEO of the Peter G. Peterson foundation, which promotes fiscal responsibility.
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