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Federal Debt Increased by $2.2 Trillion in Fiscal Year 2023

Photo by Alexander Schimmeck / Unsplash

By Terence Jeffrey via The Daily Signal | October 03, 2023

The federal government’s debt increased by $2,238,422,431,416.43 in fiscal year 2023, according to data published by the U.S. Treasury Department.

On Sept. 30, 2022, the last day of fiscal year 2022, the federal debt was $30,928,911,613,306.73, according to Treasury Department data. By Sept. 29, 2023, the last business day of fiscal year 2023, it had climbed to $33,167,334,044,723.16.

The $2,238,422,431,416.43 increase in the federal debt that took place in fiscal year 2023 is the third-largest fiscal-year increase on record. The largest fiscal-year increase in the federal debt occurred in fiscal year 2020, the year the COVID-19 pandemic hit.

That fiscal year, the debt increased by $4,225,989,441,181.

In fiscal year 2021, the annual increase in the debt dropped back to $1,483,527,375,433. But in fiscal year 2022, the debt increased by $2,499,993,043,258 before climbing by $2,238,422,431,416 in fiscal year 2023.

Fiscal year 2022 and 2023 mark the first two years in succession that the federal debt has increased by more than $2 trillion.

As of August, according to the Bureau of Labor Statistics, there were approximately 161,484,000 people employed in the United States. The federal debt of $33,167,334,044,723.16 equaled $205,390.83 for each of those workers.

Terence P. Jeffrey is the editor in chief of

Originally published by the Daily Caller News Foundation