U.S. posts $1.7 tril­lion deficit despite warn­ings about unsus­tain­able fis­cal path

(The Cen­ter Square) – The U.S. post­ed a $1.7 tril­lion deficit for the 2023 fis­cal year despite repeat­ed warn­ings that fed­er­al spend­ing is on an unsus­tain­able path.
The fed­er­al gov­ern­ment spent $1.695 tril­lion more than it col­lect­ed in rev­enue in 2023, a 23% increase over the pri­or year and the high­est since the $2.78 tril­lion deficit in 2021. The fed­er­al gov­ern­ment report­ed $6.1 tril­lion in out­lays on $4.4 tril­lion in receipts.
As a per­cent­age of GDP, the $1.695 tril­lion deficit was 6.3%, up from 5.4% in fis­cal year 2022. It …