The US budget deficit increased by $320 billion to $1.7 billion in fiscal 2023. expressions U.S. Treasury Secretary Janet Yellen and Shalanda Young, head of the White House Office of Management and Budget.
The document states that the deficit as a percentage of the country’s GDP increased from 5.4% in 2022 to 6.3%.
The US fiscal year ended on September 30.
Before this, it was known that the USA had a national debt. reached 33.04 trillion dollars exceeded 33 trillion dollars for the first time in the country’s history.
The Fed’s efforts to reduce inflation brought It caused the US government debt market to collapse and the budget deficit to rise to a record high. It was reported that in August, the budget deficit increased by 29% to 219 billion dollars, and expenditures increased by 19.2% to 523 billion dollars.
previously economist guess The collapse of the US and UK economies.