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)](https://cdn01.dailycaller.com/wp-content/uploads/2023/08/GettyImages-1246358060-e1692206575305.jpg)
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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