After running a budget surplus in April thanks to an influx of tax-day tax receipts, the federal government reverted back to running a deficit in May.
The budget deficit was $66.22 billion last month, according to the monthly Treasury statement. That raises the current fiscal year deficit to $426.2 billion with four months left to go.
With a surge in April tax receipts, the federal government ran a record budget surplus last month. This seems like good news. And the mainstream spun it as such. But record government revenue is papering over a spending problem that isn’t going away.
The federal government ran a $192.68 billion deficit in March, according to the latest Treasury statement. Somehow, this is supposed to be good news.
If you thought the federal government running a budget surplus in January was a sign that Washington D.C. was getting its fiscal house in order, you’re going to be disappointed.
Uncle Sam ran the biggest deficit since last July in February.
On January 31, the national debt quietly eclipsed $30 trillion.
The US government has run up debt at breakneck speed after raising the debt ceiling. The national debt broke through $29 trillion on Dec. 16. It took just 46 days for Uncle Sam to add another $1 trillion to his massive pile of debt. It took less than five years for the national debt to grow from $20 trillion to $30 trillion.
Despite a monthly record in receipts to the US Treasury, the federal government still managed to run a deficit in December. That’s because the federal government also broke a monthly spending record.
Even with the federal government ostensibly trying to limit spending with its head against the debt ceiling, it managed to run another massive deficit in November.
The budget shortfall last month was $191.34 billion, according to the latest Treasury Department statement. That was 31.7% higher than the November 2021 deficit.
After last week’s sizzling hot CPI data, inflation talk continues to dominate the news. The government and central bank have been insisting inflation is transitory. Now they’ve turned to a new spin tactic – recycling 1970s inflation propaganda.
Treasury Secretary and former Federal Reserve chair Janet Yellen appeared on Face the Nation and spent the interview lying about inflation. Peter Schiff unraveled her lies in his podcast.
The US government started fiscal 2022 the same way it ended fiscal 2021 — spending itself into a massive budget shortfall.
The budget deficit for October came in at $165.1 billion, according to the most recent monthly Treasury statement.
The federal budget deficit for fiscal 2021 came in at $2.77 trillion. It was the second-largest deficit in US history, just behind last year’s $3.13 trillion shortfall. Despite falling shy of the deficit record, Uncle Sam spent even more money in 2021 than it did during the depths of the 2020 coronavirus recession.
