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CNBC: U.S. deficit tops half a trillion dollars in the first quarter of fiscal year
* For the period from October 2023 through December 2023, the budget deficit totaled just shy of $510 billion, following a shortfall of $129.4 billion in December alone.
* The deficit has continued to pile up despite the Biden administration’s assurances that the Inflation Reduction Act, in addition to reducing prices, would shave “hundreds of billions” off the deficit.
The U.S. government ran up another half a trillion dollars in red ink in the first quarter of its fiscal year, the Treasury Department reported Thursday.
For the period from October 2023 through December 2023, the budget deficit totaled just shy of $510 billion, following a shortfall of $129.4 billion in just December alone, which was 52% higher than a year ago.
The jump in the deficit pushed total government debt past $34 trillion for the first time. Compared to last year, which saw a final deficit of $1.7 trillion, 2024 is running even hotter.
Read more ….
Update #1: US budget deficit for December up 52% to $129 billion (Reuters)
Update #2: US Budget Deficit Soars By 50% In December As Fiscal Collapse Under Biden Accelerates (Zero Hedge)
WNU Editor: The US national debt is reaching new records …. US national debt hits record $34 trillion as Congress gears up for funding fight (AP).