US: Federal government posted a $1.695 trillion budget deficit in FY 2023

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• The US fiscal 2023 deficit surpasses all pre-COVID deficits.
• The budget deficit for September totals $170 billion.

The US government recorded a budget deficit of $170 billion in September. The Treasury Department reported that total receipts for the month amounted to $467 billion, while outlays reached $638 billion.

The overall fiscal deficit for the 2023 fiscal year was $1.695 trillion, 23% larger than the previous year’s deficit and surpassing all pre-COVID deficits. Outlays for the year totaled $6.1 trillion, slightly below the $6.2 trillion from the previous year, while receipts decreased from $4.8 trillion to $4.4 trillion.