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The U.S. Ends Fiscal Year with $1.7 Trillion Deficit, Reaching 6.3% of GDP: Treasury Department Report

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U.S. Government Ends Fiscal Year with $1.7 Trillion Deficit

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The U.S. Treasury Department announced on Friday that the government concluded the fiscal year in September with a deficit of almost $1.7 trillion.

Joint Statement by US Treasury Secretary and Director of the White House Office of Management and Budget

This information was conveyed in a joint statement by Janet Yellen, the Secretary of the U.S. Treasury, and Shalanda Young, the Director of the White House Office of Management and Budget.

The statement revealed that in fiscal year 2023, which ended on September 30, the U.S. budget expenditures surpassed $6.1 trillion, while revenues exceeded $4.4 trillion.

The statement further added that the fiscal deficit increased by $320 billion compared to the fiscal year 2022 data, resulting in a total deficit of approximately $1.7 trillion, equivalent to 6.3% of the U.S. gross domestic product.

Source: TASS

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