The Strategist

U.S. budget deficit doubles to $378B in March

04/13/2023 - 10:54

The U.S. government's budget deficit nearly doubled from March 2022 to March 2023, rising from $192.634 billion to $378.076 billion.

The national debt's interest payments increased by 32% to $384 billion following the prime rate increase.

According to a report from the Treasury Department, state budget receipts decreased 0.6% to $313.24 billion last month. Spending reached $691.317 billion, up by 36%. Budget revenue is down 3.5% to $2.048 trillion for the current fiscal year, which started on October 1, 2022.

The U.S. government debt will grow by 3% yearly starting in 2023 and will surpass 135% of the nation's GDP by 2028, according to an IMF analysis from April. According to the IMF, the U.S. economy's growth rate would decline from 2.1% in 2022 to 1.6% in 2023 and then accelerate to 1.1% in 2024.