CNN —
The federal budget deficit is expected to balloon to about $2 trillion for fiscal year 2023, roughly double what it was in the previous fiscal year, according to a government watchdog group.
The surge stems largely from a sharp decline in tax revenues, coupled with an increase in mandatory spending on Social Security, Medicare and interest payments, as well as in other areas. It follows a sharp drop in the budget shortfall in fiscal year 2022 after two years of giant deficits swollen by record government spending on Covid-19 pandemic relief measures.
