CNBC: U.S. deficit tops half a trillion dollars in the first quarter of fiscal year
* For the period from October 2023 through December 2023, the budget deficit totaled just shy of $510 billion, following a shortfall of $129.4 billion in December alone.
* The deficit has continued to pile up despite the Biden administration’s assurances that the Inflation Reduction Act, in addition to reducing prices, would shave “hundreds of billions” off the deficit.
The U.S. government ran up another half a trillion dollars in red ink in the first quarter of its fiscal year, the Treasury Department reported Thursday.
For the period from October 2023 through December 2023, the budget deficit totaled just shy of $510 billion, following a shortfall of $129.4 billion in just December alone, which was 52% higher than a year ago.
The jump in the deficit pushed total government debt past $34 trillion for the first time. Compared to last year, which saw a final deficit of $1.7 trillion, 2024 is running even hotter.
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Update #1: US budget deficit for December up 52% to $129 billion (Reuters)
Update #2: US Budget Deficit Soars By 50% In December As Fiscal Collapse Under Biden Accelerates (Zero Hedge)
WNU Editor: The US national debt is reaching new records .... US national debt hits record $34 trillion as Congress gears up for funding fight (AP).
5 comments:
No problem, just keep printing money.
These Debt stories suck; our Debt payment per % of revenue is climbing but a lot lower than the earlier 2000’s. Debt to GDP is ~105% which is not that bad….yet
The interest rate is reaching 1 trillion er year.
803 just re-enforced the[point. There has been "no reversal" of dept in the last 20 years. It will continue to grow. This will not end well.
Trump prosecutor Nathan Wade steps out armed with handgun after bombshell Fani Willis affair allegations — and didn’t deny tryst
Nathan Wade cheated on his beautiful wife by porking Fani Willis. His wife is an ice cube or it was all about the benjamins.
I bet Fani never goes to the beach and has avoided Eskimos like the plague.
Faniwillis has a new job offer. it is to join NIST and be the International Prototype of the Truckload.
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