Federal budget deficit on track to surpass $2T this fiscal year as spending outpaces revenue - foxbusiness.com
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Federal budget deficit hit $1.8 trillion in the first 10 months of the fiscal year and is on track to surpass $2 trillion, as spending continues to outpace revenue.
- CBO reports the U.S. Treasury is spending $3 billion daily on national debt interest, while the government has borrowed $800 billion in just three months.
Why it matters: With the Treasury spending $3 billion every day just on interest and the government adding $800 billion in new borrowing in a single quarter, debt service costs are consuming federal resources at a pace that crowds out other priorities before the fiscal year even closes.
Ask SkimNews
