<span class="ArticlePage-articleBody-firstLetter">T</span>he federal <a class="Link" href="https://www.washingtonexaminer.com/tag/budget-deficit" target="_blank">budget deficit</a> rose to $1.7 trillion for fiscal 2023, which ended in September, the <a class="Link" href="https://www.washingtonexaminer.com/tag/cbo" target="_blank">Congressional Budget Office</a> estimated on Tuesday.


The shortfall was $300 billion higher than the <a class="Link" href="https://www.washingtonexaminer.com/policy/economy/budget-deficit-trillion-2022" target="_blank">$1.4 trillion</a> notched during the last fiscal year and comes as the <a class="Link" href="https://www.washingtonexaminer.com/tag/federal-reserve" target="_blank">Federal Reserve</a> has driven interest rates up to their highest level since the turn of the century.


<i>This story is breaking and will be updated.</i>

The federal budget deficit rose to $1.7 trillion for fiscal 2023, which ended in September, the Congressional Budget Office estimated on Tuesday.{ai:summary}<p>The federal budget deficit for fiscal 2023 reached $1.7 trillion, $300 billion more than the previous year. The Federal Reserve's interest rate increase plays a role. #economy</p>

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

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