Today's Business Headlines: 10/20/23
The US government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.
“Falling revenues are a significant contributor to the 2023 deficit, underscoring the importance of President Biden’s enacted and proposed policies to reform the tax system,” Treasury Secretary Janet Yellen and Office of Management and Budget Director Shalanda Young said in a joint statement. Other revenue declines included a $106 billion drop in Federal Reserve earnings as interest paid on bank reserves ate up any portfolio income.
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