In fiscal yr 2023, the United Statesbudget expenditures exceeded 6.1 trillion {dollars}, and its revenues are 4,400 billion {dollars}. Thus, the budget deficit in comparison with the 2022 monetary yr elevated by 320 billion {dollars} to about 1.7 trillion {dollars}, which is 6.3 % of the US gross home product (GDP). The deficit was $31 billion lower than the authorities anticipated.
In the earlier fiscal yr, 2022, the budget deficit was 5.4 % of GDP.
The US budget final closed with a surplus in fiscal yr 2001.
The cowl picture is an illustration, supply: Getty Images
