Marketplace®

Daily business news and economic stories

Subscribe:

Oct 23, 2023

Why the U.S. budget deficit surged in the past year

The U.S. government ran a budget deficit of about $1.7 trillion for the 2023 fiscal year, up 23% compared to the year before. How did we get here?

Why the U.S. budget deficit surged in the past year — Stefani Reynolds/AFP via Getty Images

Subscribe:

Segments From This Episode

A look at the history of U.S. aid to Israel
by Nancy Marshall-Genzer
Jonathan Ernst/Pool/AFP via Getty Images
The U.S. has given Israel $158 billion since Israel was founded, not adjusting for inflation, according to the Congressional Research Service.
Why the U.S. budget deficit grew so much in the last year
by Sabri Ben-Achour and Alex Schroeder
Chip Somodevilla/Getty Images
No surprise: Inflation, higher interest rates and the pandemic all play a role.

Music from the episode

The Team

David Brancaccio Host
Leanna Byrne Host, BBC
Kelly Silvera Executive Producer
Meredith Garretson Morbey Senior Producer
Alex Schroeder Producer
Erika Soderstrom Producer
Ariana Rosas Producer
Nic Perez Director/Producer
Dylan Miettinen Digital Producer
Jesson Duller Media Producer
Brian Allison Technical Director
Nick Esposito Media Producer
James Graham Producer, BBC
Jo Critcher Producer, BBC
Naomi Rainey Producer, BBC
Lis Mahy Producer, BBC

Why the U.S. budget deficit surged in the past year