The United States Department of the Treasury released the September and fiscal year 2023 budget balance report.

Accordingly, in the last month of fiscal year 2023, which began on October 1, 2022 and ended on September 30, 2023, the federal government’s budget deficit was estimated at $171 billion.

The federal government had a budget deficit of $430 billion in the same month last year. Thus, the budget deficit decreased by 60 percent in September compared to the same month last year.

The US federal government’s budget deficit increased by 23 percent compared to last year, reaching $1.7 trillion in fiscal year 2023.

While the government’s revenue in September fell 4.2 percent to $467.5 billion compared to the same month a year earlier, its spending fell 30.4 percent to $638.5 billion.

INCOME DECLINE, INTEREST COSTS ON FEDERAL DEBT INCREASE

The US federal government’s total budget deficit for fiscal year 2023 was $1.7 trillion.

The country’s budget deficit was recorded in fiscal year 2022 at $1.4 trillion. Thus, the budget deficit increased by 23 percent in fiscal year 2023 compared to last year.

The increase in the budget deficit was influenced by decreased revenues due to low income tax collections and increased interest costs on the federal debt due to rising interest rates.

While the federal government’s revenue in fiscal 2023 decreased 9.3 percent compared to last year, falling to $4.4 trillion, its spending decreased 2.2 percent to $6.1 trillion. dollars in the same period.

EMPHASIS ON DIFFICULTIES IN LONG-TERM FINANCIAL PROSPECTS

In her statement on the issue, US Treasury Secretary Janet Yellen stated that the country’s economy remained resilient despite global negativities and that expectations that the United States would enter a recession in 2023 did not come true.

Noting that US President Joe Biden’s administration continues to focus on transitioning the country’s economy toward “healthy and sustainable growth,” Yellen said: “As we do this, the president and I are also determined to overcome the challenges ahead.” our long term. fiscal perspective.” (BRITISH AUTOMOBILE CLUB)