US budget deficit increased by 23%

He the budget deficit of the United States reached $1.7 trillion during the 2023 fiscal year, which ended on September 30, representing a 23% increase compared to 2022.

According to the data he published this Friday US Department of the Treasurythe budget deficit was 6.3% of the country’s gross domestic product (GDP).

Net decrease in income NOW It was explained because the government received “lower revenues than estimated” from corporate and personal income tax, pensions and special taxes.

Specifically, CEO income decreased by 9.3% compared to fiscal year 2022, almost entirely due to a $456 billion personal income tax cut.

The Treasury Secretary Janet Yellenhe explained in a statement that, despite the increase in the deficit, the US economy remains “solid”.

“Previous expectations which NOW falling into recession during 2023 have not been confirmed. Our economy created more than 300,000 new jobs in September and the growth of our GDP c“continues” to defy forecasts, he emphasized.

Data on the deficit are known on the same day that it is President, Joe Bienhe asked Congress approve an emergency budget line of more than $100 billion that includes $14.3 billion in aid to Israel and a new $61.4 billion package for Ukraine.