Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
The federal budget deficit officially rose to $1.7 trillion for fiscal 2023, which ended in September, the Treasury Department announced on Friday.
As a percentage of gross domestic product, the deficit was 6.3% during this fiscal year, an increase from the 5.4% notched in fiscal 2022. “The U.S. economy remains resilient despite global headwinds. Previous expectations that the U.S. would fall into recession over the course of 2023 have not borne out,” she said. “Our economy added over 300,000 new jobs in September and our GDP growth continues to surprise forecasters to the upside, even as inflation has come down significantly since last year.”
The increase in the federal deficit is a reversal from the past few years, when deficits decreased as the government spend less on pandemic relief. During the pandemic, deficits swelled massively as the government approved several rounds of massive stimulus packages that gave money directly to individuals and businesses. For instance, the deficit in fiscal 2021 was $2.8 trillion.
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