A $2 Trillion Deficit for Fiscal 2023

Washington is girding for a spending showdown, as Republicans and Democrats strategize on how to get more of what they want from a divided Congress. But whatever happens in the political drama, the budget reality not to forget is that the deficit for the fiscal year that ends this month is officially projected to be $1.7 trillion, or about $13,500 for every U.S. household.

The estimate is from the Congressional Budget Office’s monthly report for August, and it’s even worse than that headline. President Biden was saved from an uglier official figure only because the Supreme Court reversed his extra-constitutional plan to forgive student loans, producing what the CBO calls “outlay savings” to “reflect the Supreme Court’s ruling.” Ignore that and the deficit would be $2 trillion.