The Federal Government ran a deficit of -$39B in January. While that may not seem like much, it looks worse when compared to the average January.
Pop some popcorn and get ready for the next political dog and pony show. The US government bumped up against its statutory borrowing limit this week. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the looming debt ceiling fight and the deeper problems that will inevitably get ignored as everybody absorbs the political theater. He also talks about the growing bullishness in the gold market.
Here we go again.
The clock is ticking down to another US debt ceiling fight.
According to Treasury Secretary Janet Yellen, the US government will officially bump up against the debt ceiling Thursday (Jan. 19).
The US government ran an $85 billion budget deficit in December, according to the Monthly Treasury Department Statement. That was much lower than November’s massive $248.5 billion shortfall, but don’t be deceived by the drop. December is typically a low deficit month. The relatively big shortfall indicates the federal government is on a trajectory to blow past the $1.38 trillion fiscal 2022 deficit.
The Federal Government ran a deficit of -$85B in December. While this was much smaller than the deficit posted in November, it marks one of the largest December deficits ever.
That pushed then 2022 calendar year deficit to over $1.4 trillion.
Just before Christmas, Congress passed a massive omnibus spending bill. This is yet another blow to the Federal Reserve’s feckless fight against inflation.
The US government ran a massive $248.5 billion deficit in November, according to the latest Monthly Treasury Statement. There was only one month in fiscal 2022 with a bigger budget shortfall. This is bad news for the Federal Reserve as it tries to raise interest rates and shrink its balance sheet to fight price inflation.
After running a $1.3 trillion deficit in fiscal 2022, the US government took up right where it left off to start fiscal 2023 — running a big budget deficit.
The October budget deficit came in at $87.8 billion despite another month of healthy government receipts, according to the latest Treasury statement.
The Federal Government ran a deficit of $88B in October which is down significantly from the deficit last month that was a record for September due to the student loan forgiveness program. The deficit is also down compared to last October which was -$165B.
The US government ran a $1.38 trillion budget deficit in fiscal 2022 despite government receipts at near-record levels. This further highlights the federal government’s out-of-control spending problem. It’s also a big problem for the Fed as it tries to fight inflation.