The fiscal 2020 budget shortfall totaled $3.13 trillion as Uncle Sam added another $124.6 billion to the deficit in September, according to the latest Monthly Treasury Statement.
That more than doubles the previous record deficit of $1.4 trillion set in 2009 at the height of the Great Recession.
Protests have rocked the US in the wake of George Floyd’s death at the hands of a Minneapolis police officer. In some areas, peaceful protests have crossed the line into violence and looting. But the real question is what are the long-lasting political ramifications that will come out of the unrest?
Peter Schiff talked about it during a recent podcast and worried that it could lead to bigger government and more socialism.
Federal Reserve Chairman Jerome Powell went negative in a webcast speech on Wednesday, May 13.
I’m not talking about negative interest rates, although that could be coming down the pike as well. Powell went negative on the prospects of a quick economic recovery.
He’s right about the prospects for the economy, but he’s wrong about the solution. That’s because he doesn’t even realize it’s Fed policy at the root of the problem to begin with.
The April federal budget deficit came in at a staggering $738 billion as government coronavirus stimulus began flowing through the pipelines and revenue dipped due to the government lockdowns.
Twenty-eight days.
That’s how long it took to add another $1 trillion to the national debt.
Welcome to your future. Your government is spending it right now. And your children’s and grandchildren’s future to boot.
The US Treasury plans to borrow $2.99 trillion in the second quarter. The Treasury also plans to borrow another $677 billion in the July-September quarter, bringing the total fiscal 2020 debt to $4.48 trillion.
It’s a level of borrowing that’s difficult to even wrap your head around.
The US government budget deficit in March came in at $119 billion, according to the latest US Treasury Department Report.
That’s a massive budget shortfall. But it’s actually the calm before the storm.
The US government posted another massive deficit to start out calendar-year 2020.
According to the latest data released by the US Treasury Department, Uncle Sam spent $32.6 billion more than it took in last month. That compares with an $8.7 billion surplus in January 2019. Analysts had projected an $11.5 billion shortfall in January.
The CBO projects the federal government will run massive budget deficits into the foreseeable future and says the ballooning national debt poses “significant risk” to the economy and financial system.
According to the CBO, the federal budget shortfall will hit $1.02 trillion in FY 2020 and rise into the foreseeable future. Deficits will average $1.3 trillion per year between 2021 and 2030 and top $1.5 trillion by the end of the decade. The CBO projects cumulative deficits over the next decade to total $13.1 trillion.
The US federal government ran a budget deficit of over $1 trillion in the 2019 calendar year. It was the first budget deficit over $1 trillion in any calendar year since 2012 — in the midst of the Great Recession.
The budget shortfall from January through December totaled $1.02 trillion, according to the latest report issued by the Treasury Department. That continued a rapidly accelerating upward trajectory. The 2019 budget gap was 17.1% bigger than the 2018 deficit, which was a 28.2% increase over 2017.
