![]() ![]() And that’s a lot of that is because of interest costs.” “A big part of the story is just that there was sort of a one-time huge revenue surge in 2022 that’s done,” Goldwein said, adding, “But the other stories are that we have structurally deficits really rising in 2023. Marc Goldwein, senior policy director at the organization, told The Hill that high interest rates, lower tax revenues and high inflation resulting in higher Social Security and Medicare costs have all contributed to the rising deficit. This article first appeared on Wisconsin Watch and is republished here under a Creative Commons license.The Committee for a Responsible Federal Budget, an organization that pushes for lowering the deficit, is projecting the federal deficit will double this year to total about $2 trillion for the fiscal year that ends September 30, The Hill reported. Sean Spicer (YouTube): It’s Okay Because Hunter Biden Did It | Ep. Department of the Treasury | Bureau of the Fiscal Service: Treasury monthly report (Table 1) This Fact Brief is responsive to conversations such as this one. In the last 50 years, the budget has run a surplus five times, most recently in 2001, according to Treasury. Spending in response to the COVID-19 pandemic raised deficits. ![]() The largest source of receipts, $1.8 trillion, was individual income taxes. The largest expenditure, $1.1 trillion, was on Social Security. The government spent $5.3 trillion and took in $3.7 trillion during the 10 months. The period covered by the report was Oct. 25 interview.Ī deficit occurs when government spending exceeds revenues. Ron Johnson, a Wisconsin Republican, alluded to the figure in an Aug. The federal budget deficit exceeded $1.6 trillion during the first 10 months of fiscal 2023, the Treasury Department reported Aug. SeptemWas the federal deficit $1.6 trillion in the first 10 months of this fiscal year?īy Tom Kertscher / Wisconsin Watch, Wisconsin Watch September 7, 2023 If we send you a request to change or remove Wisconsin Watch content from your site, you must agree to do so immediately.įor questions regarding republishing rules please contact Coburn Dukehart, associate director, at cdukehart the federal deficit $1.6 trillion in the first 10 months of this fiscal year?īy Tom Kertscher / Wisconsin Watch, Wisconsin Watch.You may not separate multimedia elements for standalone use. Users can republish our photos, illustrations, graphics and multimedia elements ONLY with stories with which they originally appeared.Additional elements that are packaged with our story must be labeled.Your website must include a prominent way to contact you.But you can publish it with pre-sold ads. Don’t extract, store or resell Wisconsin Watch content as a database.Don’t sell the story or any part of it - it may not be marketed as a product.If you share the story on social media, please mention (Twitter, Facebook and Instagram), and ensure that the original featured image associated with the story is visible on the social media post.If published online, you must include the links and link to.Other than minor cosmetic and font changes, you may not change the structural appearance or visual format of a story.Editing material is prohibited, except to reflect relative changes in time, location and in-house style (for example, using “Waunakee, Wis.” instead of “Waunakee” or changing “yesterday” to “last week”).Credit should be given, in this format: “By Dee J. ![]() You are welcome to republish our articles for free using the following ground rules. You are welcome to download the main image as a separate element for publication with this story. *** Also, the code below will NOT copy the featured image on the page. The codes for images, graphics and other embeddable elements may not transfer exactly as they appear on our site. Scroll down to copy and paste the code of our article into your CMS. This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
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