The federal government’s debt increased by $2,238,422,431,416.43 in fiscal 2023, according to data published by the U.S. Treasury Department.
On Sept. 30, 2022, the last day of fiscal 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 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 2023 is the third largest fiscal-year increase on record. The largest fiscal-year increase in the federal debt occurred in fiscal 2020, the year the COVID-19 pandemic hit. (RELATED: Federal Debt Up $5 Trillion Under Biden)
The US Treasury Department building is seen in Washington, DC, January 19, 2023, following an announcement by the US Treasury that it had begun taking measures Thursday to prevent a default on government debt, as Congress heads towards a high-stakes clash between Democrats and Republicans over raising the borrowing limit. – The world’s biggest economy could face severe disruption with Republicans threatening to refuse the usual annual rubber stamping of a rise in the legal borrowing limit, and this could push the United States into default. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
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 2022, the debt increased by $2,499,993,043,258 before climbing by $2,238,422,431,416 in fiscal 2023.
Fiscal 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.
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