The U.S. government ran $85 billion worth of red ink last month, the treasury department reported. A year earlier, the deficit was $21 billion.
The government spent $32 billion more than a year earlier, raising expenditures to $540 billion. At the same time, it collected $32 billion less, with receipts totaling $455 billion.
The deficit fell in the fiscal year ending last 30 September as federal COVID-era support programs wound down.
However, spending rose with the new fiscal year as the government owed more interest on its debt, thanks to the U.S. Federal Reserve’s higher interest rates.
Interest expenses so far this fiscal year have cost $57 billion more than the same period in the last fiscal year, a 37-percent hike.
On 19 January, the government will reach its debt ceiling of $31.4 trillion. As of 10 January, the government had borrowed $31.3 trillion.
TREND FORECAST: In front of everyone’s eyes for all to see, with being weighed down by over $31 trillion in debt as the economy is going down, it is grossly apparent that the U.S. economic system is an outright fraud.
And, as interest rates rise, so too will the debt load as it becomes more expensive to pay off the debt. What will change it? What will the U.S. government do to unload its debt that it will never pay back? We have forecast they will go from Dirty Cash to Digital Trash. They will make up a digital currency to replace the current monetary system and in doing so they will use the digital trash to write off their outstanding debt. In other words, they will make up what they want and do what they want to bury the debt load.