U.S. budget deficit up 23 pct in fiscal year 2023 amid rising interest rates

WASHINGTON, Oct. 20 (Xinhua) -- The U.S. federal government recorded a budget deficit of nearly 1.7 trillion dollars in fiscal year 2023, which ended in September, up 23.2 percent from the previous fiscal year, the Treasury Department reported Friday.

The huge deficit came as revenue fell by 457 billion dollars from a year ago to reach 4.4 trillion dollars, while expenses decreased by just 137 billion dollars to 6.1 trillion dollars, according to the department's Final Monthly Treasury Statement.