The Treasury Department posted a $1.7 trillion debt for the past fiscal year, according to Fox Business.
The deficit reportedly grew by 23%, including $879 billion to service current debt.
Treasury just dropped a financial bomb, but Bidenomics means the worst is yet to come | Fox Business https://t.co/kTedImoJ1l
— Senator Arthur Orr (@SenatorAOrr) October 30, 2023
"The impetus for these massive deficits is federal government spending, which tipped the scales at $6.1 trillion last year. Government receipts, meanwhile, were $4.4 trillion, woefully short of the $5 trillion previously forecasted," the report stated.
"A slowing economy and counterproductive tax increases were key drivers behind the $457 billion drop in receipts from the prior fiscal year," it added.
"It comes as revenues fell and expenditures for Social Security, Medicare and record-high interest costs on the federal debt grew. The Treasury Department said the deficit was the largest since [Donald Trump's] COVID-fueled $2.78 trillion gap in 2021." https://t.co/hafTt5pTnr.
— JASmius (@JASmius) October 24, 2023
"It comes as revenues fell and expenditures for Social Security, Medicare, and record-high interest costs on the federal debt grew," GB News reported.
"The Treasury Department said the deficit was the largest since a COVID-fuelled $2.78 trillion gap in 2021," it continued.
The report also comes as Biden is requesting $100 billion for new foreign aid and security spending, including funding for Ukraine and Israel.
Despite the president's claim that Bidenomics is helping the American people, the nation's growing debt indicates just the opposite.
The concern also adds to the problem of generation-high inflation that has far surpassed the increase in earnings by Americans, with many already overwhelmed by credit card debt, student loans, or medical bills.
The Treasury Department's change may have been quietly reported but every American could feel its impact in the days ahead. The 2024 election will give the American people an opportunity to let their vote determine the future of the nation's leadership when it comes to the economy.