---
title: The Kobeissi Letter >>> In fiscal year 2023, the US ran a deficit of $1.7 trillion
description: "If you add back the student loan forgiveness program adjustment, the deficit was actually $2 trillion.\nTo put this in perspective, the annual US deficit is roughly equal to total individual income tax collected. It also means that the 2023 deficit is nearly 5 TIMES as large as corporate income taxes.\nThe 2023 deficit as reported is ~25% larger than total Social Security outlays.\nNet interest was $659 billion and should soon pass the national defense budget.\nWhat's the long-term plan here?"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [The Kobeissi Letter \>\>\> In fiscal year 2023, the US ran a deficit of $1.7 trillion](https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-15909d8e)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Oct 24, 2023, 8:06:35 AM

[View full post](https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-15909d8e)

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