Federal Deficit Jumps to $1.7 Trillion in FY 2023, 3rd Highest Year on Record

CRAIG BANNISTER | OCTOBER 17, 2023

The U.S. federal deficit rose to $1.7 trillion in Fiscal Year (FY) 2023, recording the third-highest year on record, exceeded only by pandemic-plagued 2020 and 2021, the U.S Congressional Budget Office (CBO) reports.

The federal deficit in FY 2023, which ended September 30, 2023, is up $0.3 trillion from the FY 2022 deficit – and would’ve been even higher without the effects of Pres. Biden’s student loan cancellation, which was overturned by the Supreme Court in June.

CBO estimates that, if the actions concerning the Administration’s plan for student loan cancellations were excluded from both years, the deficit for 2022 would have been smaller and the deficit for 2023 would have been larger. As a result, the FY 2023 deficit would have been more than double that of FY 2022:

• The FY 2022 deficit would have been $0.9 billion, instead of $1.3 trillion.
• The FY 2023 deficit would have been $2.0 billion, instead of $1.7 trillion.

https://mrctv.org/blog/craig-bannister/federal-deficit-jumps-17-trillion-fy-2023-3rd-highest-year-record