The US government increased its total debt by $69 billion in June. The average interest rate on all of that debt is also going up, a growing problem for the borrow and spend government.
The Treasury Department continues to roll short-term Treasury Bills into longer-dated securities, allowing $148B in Bills to roll off the debt statement this month.
The federal government continues to run big budget deficits as spending skyrockets. Increasing tax revenues are the only thing keeping the deficits from blowing up even further. But how long will this tax windfall last?
The federal budget deficit in October came in at $165 billion. That represents a staggering 36.8% of total expenditures for the month.
This is slightly below the 12-month average where the deficit represented 39.3% of total expenditures. Over the twelve-month period, the total deficit was $2.65 trillion driven by total expenditures that reached $6.7 trillion.
The following analysis breaks down the huge October federal budget deficit and sets it in historical context.
