US budget gap soars to $1.7 trillion, largest outside COVID era – By David Lawder (Reuters) / Oct 21, 2023
President Biden is asking Congress for $100 billion in new foreign aid to Ukraine and Israel
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 record-high interest costs on the federal debt rose.
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. It 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.
CONTINUE > https://www.foxbusiness.com/economy/us-budget-gap-soars-1point7-trillion-largest-outside-covid-era
