Federal budget deficit rose to $1.7 trillion in fiscal 2023: CBO

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Money, Spending-061519
FILE – In this Sept. 24, 2013, file photo, just cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas. Big U.S. companies have been piling up cash for years, but have spent little of it on buying equipment and raising wages and other things to grow the economy. Republicans say they know how to fix this: Give companies even more money by cutting their taxes. (AP Photo/LM Otero, File)

Federal budget deficit rose to $1.7 trillion in fiscal 2023: CBO

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The federal budget deficit rose to $1.7 trillion for fiscal 2023, which ended in September, the Congressional Budget Office estimated on Tuesday.

The shortfall was $300 billion higher than the $1.4 trillion notched during the last fiscal year and comes as the Federal Reserve has driven interest rates up to their highest level since the turn of the century.

This story is breaking and will be updated.

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