What's a deficit? Diving into the government's spending patterns

In fiscal year 2023,the U.S. government collected approximately $4.5 trillion in revenue, with a significant portion stemming from individual, small business, and corporate taxes. However, this revenue is outpaced by the $6.2 trillion spent by the federal government. According to USA Facts, The government spent 38% more than it collected in revenue, resulting in a $1.7 trillion deficit.

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