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 Reserve is trying to win a war against price inflation without tipping the economy into a recession. In this episode of the Friday Gold Wrap, host Mike Maharrey highlights two more reasons this is a game the Fed can’t win. He also does a quick overview of the gold market in 2022 as we head toward the end of the year.
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.
Peter Schiff recently appeared on Real America with Dan Ball to talk about the economy, energy prices, and inflation. Peter said if you think inflation was bad this year, wait until next year with a much weaker dollar.
Your Thanksgiving meal cost about 20% more than it did last year. Why did it cost so much more? As Peter Schiff explained in his podcast, your more expensive Thanksgiving came to you courtesy of the US government and its inflation tax.
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 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.
The US government is rolling in dough!
US tax receipts have surged this year. Through August, the US Treasury had collected over $4.4 trillion in revenue for fiscal 2022 with one month left to go. That was already 10% higher than receipts in 2021. The US government took in $303.73 billion in August alone. That was up 23% from August 2021.
