Massive $2 Trillion Deficit Expected in Fiscal 2023

Washington faces a spending showdown, but the fiscal year ending this month brings a dire reality – a projected $1.7 trillion deficit, roughly $13,500 per U.S. household. President Biden’s attempt to forgive student loans was overturned by the Supreme Court, saving him from an even worse $2 trillion deficit. Interest payments on federal debt are surging with rising interest rates, up 30% to $644 billion. A third of the deficit goes to servicing past debts. Despite a growing economy, Biden’s deficit grows, with total receipts down 10%.

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