US Budget Deficit Tops $1.6 Trillion Amid Lower Tax Revenue, Higher Spending

The U.S. budget deficit for fiscal year 2023, running from October to September, is already the third largest on record, as tax revenues fall short of expectations and government spending surges.

U.S. President Joe Biden delivers a speech to mark the one-year anniversary of his signing into law the Promise to Address Comprehensive Toxics (PACT) Act at the George E. Wahlen Department of Veterans Affairs Medical Center in Salt Lake City, Utah, on Aug. 10, 2023. Madalina Vasiliu/The Epoch Times

The U.S. budget deficit for fiscal year 2023, running from October to September, is already the third largest on record, as tax revenues fall short of expectations and government spending surges.

In the first 10 months of the current fiscal year, the budget gap topped $1.6 trillion, higher than the $1.375 trillion deficit in all of FY 2022, according to the latest Monthly Treasury Statement.