The U.S. posted a $1.7 trillion deficit for the 2023 fiscal year despite repeated warnings that federal spending is on an unsustainable path.
The federal government spent $1.695 trillion more than it collected in revenue in 2023, a 23% increase over the prior year and the highest since the $2.78 trillion deficit in 2021. The federal government reported $6.1 trillion in outlays on $4.4 trillion in receipts.
As a percentage of GDP, the $1.695 trillion deficit was 6.3%, up from 5.4% in fiscal year 2022. It exceeded all pre-pandemic deficits.