The US budget deficit is no longer manageable

The growth of the American budget deficit is becoming increasingly unmanageable: by the end of the 2023 fiscal year, it approached the levels of the crisis year 2009. The gap between income and expenses has grown by almost a quarter compared to 2022, despite the consolidation of spending. The main reason is the decline in revenues. There are no prerequisites for a reversal of the trend in the 2024 election year, say experts interviewed by Vedomosti.

At the end of the 2023 fiscal year (ended September 30), the US federal budget deficit reached $1.7 trillion, with revenues of $4.439 trillion and expenses of $6.134 trillion, according to the latest data from the US Treasury. That exceeded last year’s deficit by $320 billion, or 23%.