Treasury Secretary Janet Yellen disclosed that the U.S. federal budget deficit was set at $1.7 trillion for the fiscal year 2023. Further reports say the deficit increased from the $1.4 trillion reported in 2022.Secretary Janet Yellen of the Department of the Treasury officially announced that the U.S. federal budget deficit was set at $1.7 trillion for the fiscal year 2023 which ended last September 30. Further reports say the U.S. federal budget deficit this year has increased from the $1.4 trillion of deficit reported in 2022.
However, according to Lowe Doescher, the Committee for a Responsible Federal Budget stated that Yellen’s U.S. federal budget deficit disregarded around $300 billion in debt. Reportedly, the debt was incurred by the student debt cancellations under the administration of President Joe Biden. This suggests that the actual total of the U.S. federal budget deficit is around $2 trillion.
U.S. Federal Budget Deficit Under Biden
According to Lowry, the U.S. federal budget deficit doubling by more than $1 trillion in a year is somehow due to Biden’s acceptance of inflationary spending and driven by the increase in government spending.
This suggests that while the majority of American taxpayers contribute sufficiently with their paychecks, the wealthiest taxpayers profit from the cost-of-living adjustments for the entitlement programs such as the Social Security, the Medicare, and the Medicaid which increased by 11%, 12%, and 4%, respectively, just from 2022.