$1,700,000,000,000 US Budget ????
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$1,700,000,000,000 US Budget Deficit Shattered in 2023 As IMF Issues Warning on Americaâs âWorrying and Deterioratingâ Fiscal Trajectory
The US government's spending exceeded its revenues by over a trillion dollars in the 2023 fiscal year, according to the CBO report. The budget deficit surged to $1.7 trillion, $300 billion more than in the 2022 fiscal year. The IMF calls on the US government to change its approach to spending and taxes due to the country's deteriorating fiscal situation. Fiscal policy should not be procyclical, even less so at this stage of the inflation cycle. Structural reforms are needed to address lower growth, higher interest rates, and reduced fiscal space.
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