Friday, July 14, 2023

Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion

Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion

There was a shocking number in today's latest monthly US Budget Deficit report. No, it wasn't that US government outlays unexpectedly soared 15% to $646 billion in June, up almost $100 billion from a year ago...

... while tax receipts slumped 9.2% from $461 billion to $418 billion, resulting in a TTM government receipt drop of over 7.3%, the biggest since June 2020 when the US was reeling from the covid lockdown recession; in fact never have before tax receipts suffered such a big drop without the US entering a recession.

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