"Most worrying is the case of the United States where fiscal deficits have deteriorated substantially in 2023. Fiscal policy in the US should not be procyclical, even less so at this stage of the inflation cycle," Gourinchas said at the presentation of the IMF October 2023 World Economic Outlook.
The US budget deficit amounted to $1.52 trillion in the first 11 months of fiscal 2023, according to the Department of the Treasury data. In the fiscal year 2022, the deficit stood at $1.38 trillion.