MarkHarvey on Nostr: The US government is adding to the national debt at an astonishing rate. So far this ...
The US government is adding to the national debt at an astonishing rate.
So far this fiscal year(Oct 22 until now), the Federal government has ran a budget deficit of $1.1 trillion, or 65% more than the same time last year.
In total, the budget deficit for 2022 was $1.4 trillion. At the current rate, the budget deficit will be $2.3 trillion for 2023. Near emergency COVID levels.
The main driver of the increased budget deficit is the increase in the interest expense paid by the US Treasury to service it's outstanding debt. The interest expense increases as the Fed raises interest rates, which they have done since early 2022.
So far this fiscal year(Oct 22 until now), the Federal government has ran a budget deficit of $1.1 trillion, or 65% more than the same time last year.
In total, the budget deficit for 2022 was $1.4 trillion. At the current rate, the budget deficit will be $2.3 trillion for 2023. Near emergency COVID levels.
The main driver of the increased budget deficit is the increase in the interest expense paid by the US Treasury to service it's outstanding debt. The interest expense increases as the Fed raises interest rates, which they have done since early 2022.