The Congressional Budget Office (CBO) has reported that the fiscal year 2023 federal budget deficit was nearly $1.7 trillion, a 23% increase ($320 billion) over 2022. According to the CBO’s final budget review, the deficit equaled 6.3% of gross domestic product (GDP), an amount greater than the 50-year average of 3.7%. And, compared with the size of the economy, debt held by the public rose to 97.3% of GDP from 95.8% of GDP in fiscal year 2022. The CBO also reported that revenue totaled $4.4 trillion, which was $457 billion (or 9%) less than during 2022. This marked a decline from 19.3% of GDP in 2022 to 16.5% in 2023. Read the CBO’s final budget review: https://bit.ly/48v6q0X
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