A government report has revealed that Washington’s spending soared even as tax receipts declined in the latest fiscal year
Washington’s federal budget deficit essentially doubled in the government’s latest fiscal year as President Joe Biden’s administration continued to ramp up spending despite slumping tax revenue, a new US Treasury Department report has shown.
Government spending in excess of tax receipts totaled $1.7 trillion in the 2023 fiscal year, ended on September 30, up from $1.37 trillion in the preceding 12 months, the Treasury Department said on Friday. However, those figures were skewed by Biden’s failed effort to cancel student loan debts, making the 2022 deficit appear larger than it actually was and understating the 2023 total.
Excluding hypothetical costs and gains from the loan program, which the US Supreme Court blocked from being implemented, the deficit jumped to about $2 trillion in fiscal 2023 from less than $1…