NTD Business (Sept. 6): US Federal Budget Deficit Projected to Double to $2 Trillion

Don Ma
By Don Ma
September 6, 2023NTD Businessshare

According to a government watchdog group, the federal budget deficit is expected to nearly double to $2 trillion for the 2023 fiscal year.

The increase stems from a sharp decline in tax revenues and an increase in mandatory spending on social security, Medicare, and interest payments.

The growing deficit could also further complicate discussions over funding federal agencies by the upcoming fiscal year starting Oct. 1.

Congress will have until the end of the month to pass the spending package or a short-term deal to keep the government operating.

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