The US government's deficit in December was nearly four times as large as the $21.3 billion deficit recorded in December 2021 as spending grew and revenue fell last month.
The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal first quarter of 2023, a 12% increase from the fiscal first quarter of 2022, Treasury data shows. December’s deficit was nearly four times as large as the $21.3 billion deficit recorded in December 2021 as spending grew and revenue fell last month. Receipts totaled $454.94 billion, while outlays were $539.94 billion in December 2022.
” “We should not be borrowing $4 billion a day, an apparent debt addiction that is harmful to the economy and the budget,” Maya MacGuineas, president of the CRFB, said in a statement. The House Republicans’ rules package adopted earlier this week included measures aimed at reining in federal government spending and keeping a lid on taxes.
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