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

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. Outlays declined in 2023, but revenues fell by even more.

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