US Ends Fiscal Year With $1.7 Trillion Budget Deficit, Up 23%

The U.S. Department of the Treasury revealed that the federal government closed its fiscal year in September with a budget deficit just below $1.7 trillion. This figure, an increase of approximately $320 billion or 23.2% from the previous fiscal year, surprised some who had anticipated a deficit exceeding $2 trillion. The considerable deficit was exacerbated by a $457 billion decrease in revenue compared to the previous year, despite a modest $137 billion reduction in expenses.