The U.S. budget deficit hit $1.1 trillion in the first half of fiscal year 2023, the Treasury Department said Wednesday, $432 billion more than the shortfall in the same period a year ago. That includes a March deficit of $378 billion.
The wider deficit is mostly due to increased government spending, which rose by 13% in the first six months of fiscal 2023. Revenues were 3% lower from October through March than during the year-ago period.
Social Security spending rose as the number of beneficiaries and average benefit payments increased, and interest on the public debt rose by 32%…
Always the same when socialists are in power; spend money like water, bankrupt the country, and leave someone else to pick up the mess. Happened in the UK a few years back. The Labour leader sold off all the gold stock, and left a note when he left saying the money’s all gone.
Tess