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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.
President Joe Biden’s “build back better” spending bill seems to be dead — at least for the time being. But there is still plenty of spending coming down the pike. This raises an important question: how is the Federal Reserve going to simultaneously taper its bond-buying program and monetize all of this debt? On Monday, […]
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.
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.
We have a temporary truce in the debt ceiling fight. On Thursday, President Biden signed a bill increasing the federal debt limit by $480 billion. But this isn’t an end to the debt ceiling fight. Congress just kicked the can down the road. The increase is only expected to keep the US government solvent until […]
The fake debt ceiling fight rages on. Last week, the US Senate agreed to a small increase in the borrowing limit, but it only kicked the can down the road a couple of months. The $480 billion increase raises the debt limit to $28.9 trillion, but that’s only going to last until Dec. 3. Peter […]
Have you heard the latest news on the fake debt-ceiling fight? The Senate has approved a measure to kick the can down the road a couple of months. So, the “fight” will continue! The $480 billion increase raises the debt limit to $28.9 trillion, but that’s only going to last until Dec. 3. That means […]
The US government ran a $170.64 billion budget deficit in August, pushing the total fiscal 2021 budget shortfall to $2.71 trillion with one month to go, according to the latest Monthly Treasury Statement. The mainstream media spun this as good news, noting that the August deficit was 15% lower than the $200 billion spending gap […]
After a briefly shrinking for two months thanks to IRS tax collections, the US government budget deficit ballooned again in July, hitting the third-highest number of fiscal 2021. The July budget shortfall was $302.05 billion. The only months with bigger deficits in fiscal 2021 were February ($310 billion) and March ($600 billion).
