The US federal deficit for the 2023 fiscal year has reached a record $2 trillion, double the deficit of the previous year, according to the Congressional Budget Office. This deficit, which represents 7.7% of GDP, is the largest ever outside of temporary emergencies like war and recessions. The US is now spending 44% of GDP per year, the same levels as during World War 2. The government's fiscal irresponsibility and rising debt-to-GDP ratio, projected to reach 200% by 2050, raise concerns about the amount of interest the government will have to pay.
The Federal Deficit Is Even Bigger Than It Looks https://t.co/T1f6AjJ1ao
.@Brian_Riedl for @thedispatch: "The budget deficit for the 2023 fiscal year—which concluded September 30—topped a staggering $2 trillion." https://t.co/IFBuPXqxGc
NEW from me at @thedispatch. CBO has confirmed a $2 trillion deficit in 2023 (adjusted for timing shifts) - which is double last year's deficit. At 7.7% of GDP, its also the largest deficit ever outside of temporary emergencies like war & recessions. 🧵 https://t.co/tkBycoXQAz https://t.co/exGqYKGkMI
The US government has consistently shown fiscal irresponsibility Debt-to-GDP is projected to reach 200% by 2050 The government is going to face a major problem with the amount of money they will have to pay in interest Everybody, except the US government, seems to understand… https://t.co/iT7li9OCpL https://t.co/AVPf9Kmbfu
The US government is currently spending more to pay interest on its $33 trillion national debt than it does on national defense, per the US Treasury.
The US reported that deficit spending in 2023 was $1.7 trillion, but here's why it was actually much higher: In 2022, the Biden Administration announced student loan forgiveness. It logged the long-term cost of the program, $379 billion, even though no money was spent on it… https://t.co/JXsYRjay6c https://t.co/fg4j19FF64
JUST IN: The US posted its 3rd largest deficit on record in 2023, spending $1.7 TRILLION more than it brought in. This was a $300 billion increase in deficit spending compared to 2022. The US is now spending 44% of GDP per year, the same levels as World War 2. We are now… https://t.co/GU30lD2sUn https://t.co/Hkk8Jad0Cf
The total federal debt in the US is greater than $33 trillion for the first time ever this year. That amounts to around 121% of 2022's GDP.
THE FEDERAL DEFICIT IS EVEN BIGGER THAN IT LOOKS (WSJ) When it comes to the size of the federal government’s annual deficit, appearances can be deceiving. The gap between spending and revenue for fiscal year 2023, which ended on Sept. 30, was $1.7 trillion, the Congressional… https://t.co/IpIlOXBjkQ https://t.co/E4PeXR6vok
The $1.7 trillion deficit is $300 billion more than 2022. "But the gap was actually much larger. That is because of the odd way President Biden’s attempt to broadly cancel student debt shows up in budget figures.” via @WSJ
"For now the deficits are being financed by money that the #Fed printed in 2021 that had been sequestered in the Fed’s reverse repo facility. Last month we noted that the cash in that facility had fallen from $2.6 trillion to $1.6 trillion. It has now plunged to $1.2 trillion,… https://t.co/h10WSYJwUR
For those keeping track, US debt just jumped by another $40 billion in one day. We are now at $33.55 trillion in Federal debt, just 25 days after it hit a record $33 trillion. At the current pace, the US would add $1 trillion in Federal debt every 45 days. Since 2008, the US… https://t.co/0RjroU4MEf https://t.co/Wp5oG1A3pO
The US government has increased its deficit by $1.5 trillion in the first 11 months of 2023, per the IMF.
The Federal Deficit Is Even Bigger Than It Looks - WSJ https://t.co/DNBLLi4nPS