The federal government's deficit nearly tripled in the first nine months of the fiscal year. Tax revenues decreased by 11% and government spending jumped 10%. Interest payments reached $652 billion—25% more than during the same period a year ago. The deficit adds to an already large federal debt.—npr.org  

World Bank President David Malpass says the debt-to-GDP ratios of the advanced economies are higher than ever before and must be lowered to restore a stable environment and the return of economic growth.—cnbc.com

Russia's federal budget balance sank to a deficit of 2.4 trillion roubles ($29 billion) in the first quarter of 2023. Spending accelerated 34% in the quarter to 8.1 trillion roubles. In the same quarter of 2022, Russia posted a surplus of 1.13 trillion roubles.—reuters.com