The U.S. budget deficit increased 23 percent to $1.7 trillion, an increase of $320 billion, in the year after the Biden administration pushed through the Inflation Reduction Act which it claimed would close the government’s funding gap.

The explosive growth in the deficit came as revenue fell $457 billion from a year ago and expenses decreased by just $137 billion. Total spending for the year came in at $6.134 trillion.

Spending would have been higher if the Supreme Court had not declared Biden’s student loan forgiveness program illegal.

The deficit adds to the U.S. debt total, which the government said earlier this week had reached $33.6 trillion. That is more than $250,000 per household and more than $99,000 per person in the U.S. The Pete G. Peterson Foundation has calculated that if every household in the U.S. contributed $1,000 a month to debt reduction, it would take 21 years to pay down the debt.

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