US Spending On Interest Hits All Time High As Budget Deficit Soars To $684 Billion
ZeroHedge, Aug. 10, 2018
The US' spending problem is starting to become a major issue.
According to the latest Monthly Treasury Statement, in June, the US collected $225BN in tax receipts - consisting of $110BN in individual income tax, $91BN in social security and payroll tax, $4BN in corporate tax and $20BN in other taxes and duties- a drop of 2.9% from the $232BN collected last July and a reversal from the recent increasing trend...
... and in July, the 12 month trailing receipt total was barely higher compared to a year ago, up just 0.4% Y/Y after rising as much as 3.1% at the end of 2017.
Meanwhile Federal spending rose, up 9.9% from $275BN last July to $302BN last month.
This resulted in a July budget deficit of $77 billion, in line with expectations, and a signification deterioration from the $43 billion recorded in July of 2017.
The July deficit brought the cumulative 2018F budget deficit to over $684BN during the first 10 month of the fiscal year, up 28% over the past year.
This is the highest 12 month cumulative deficit since May 2013; as a reminder the deficit is expect to increase further amid the tax and spending measures, and rise above $1 trillion as soon as next year.
Most Wall Street firms forecast a deficit for fiscal 2018 of about $850 billion, at which point things get... much worse. As we showed In a recent report, CBO (Congressional Budget Office) has also significantly raised its deficit projection over the 2018-2028 period.
But while out of control government spending is clearly a concern, an even bigger problem is what happens to not only the US debt, which recently hit $21.3 trillion, but to the interest on that debt, in a time of rising interest rates.
US government Interest Payments are already rising rapidly, and just hit an all time high of $538 billion in Q2 2018.
Interest costs are increasing due to three factors: an increase in the amount of outstanding debt, higher interest rates and higher inflation. Needless to say, all three are increasing.
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Перед нами сейчас - коварный и опасный мошенник, расист, лжец и фашист Дональд Трамп, порочный Конгресс, нацистские ФБР - ЦРУ, кровавые милитаристы США и НАТО >>> а также и лживые, вредоносные американские СМ»И».
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Правительство США жестоко нарушало мои права человека при проведении кампании террора, которая заставила меня покинуть свою родину и получить политическое убежище в СССР. См. книгу «Безмолвный террор — История политических гонений на семью в США» - "Silent Terror: One family's history of political persecution in the United States» - arnoldlockshin.wordpress.com
Правительство США еще нарушает мои права, в течении 14 лет отказывается от выплаты причитающейся мне пенсии по старости. Властители США воруют пенсию!!
ФСБ - Федеральная служба «безопасности» России - вслед за позорным, предавшим страну предшественником КГБ, мерзко выполняет приказы секретного, кровавого хозяина (boss) - американского ЦРУ (CIA). Среди таких «задач» - мне запретить выступать в СМИ и не пропускать большинства отправленных мне комментариев. А это далеко не всё...
Арнольд Локшин, политэмигрант из США
BANNED – ЗАПРЕЩЕНО!!
ЦРУ - ФСБ забанили все мои посты и комментарии в Вконтакте!
… и в Макспарке!
ZeroHedge, Aug. 10, 2018
The US' spending problem is starting to become a major issue.
According to the latest Monthly Treasury Statement, in June, the US collected $225BN in tax receipts - consisting of $110BN in individual income tax, $91BN in social security and payroll tax, $4BN in corporate tax and $20BN in other taxes and duties- a drop of 2.9% from the $232BN collected last July and a reversal from the recent increasing trend...
... and in July, the 12 month trailing receipt total was barely higher compared to a year ago, up just 0.4% Y/Y after rising as much as 3.1% at the end of 2017.
Meanwhile Federal spending rose, up 9.9% from $275BN last July to $302BN last month.
This resulted in a July budget deficit of $77 billion, in line with expectations, and a signification deterioration from the $43 billion recorded in July of 2017.
The July deficit brought the cumulative 2018F budget deficit to over $684BN during the first 10 month of the fiscal year, up 28% over the past year.
This is the highest 12 month cumulative deficit since May 2013; as a reminder the deficit is expect to increase further amid the tax and spending measures, and rise above $1 trillion as soon as next year.
Most Wall Street firms forecast a deficit for fiscal 2018 of about $850 billion, at which point things get... much worse. As we showed In a recent report, CBO (Congressional Budget Office) has also significantly raised its deficit projection over the 2018-2028 period.
But while out of control government spending is clearly a concern, an even bigger problem is what happens to not only the US debt, which recently hit $21.3 trillion, but to the interest on that debt, in a time of rising interest rates.
US government Interest Payments are already rising rapidly, and just hit an all time high of $538 billion in Q2 2018.
Interest costs are increasing due to three factors: an increase in the amount of outstanding debt, higher interest rates and higher inflation. Needless to say, all three are increasing.
/////////////////////////////////////////////
Перед нами сейчас - коварный и опасный мошенник, расист, лжец и фашист Дональд Трамп, порочный Конгресс, нацистские ФБР - ЦРУ, кровавые милитаристы США и НАТО >>> а также и лживые, вредоносные американские СМ»И».
/////////////////////////////////////////////
Правительство США жестоко нарушало мои права человека при проведении кампании террора, которая заставила меня покинуть свою родину и получить политическое убежище в СССР. См. книгу «Безмолвный террор — История политических гонений на семью в США» - "Silent Terror: One family's history of political persecution in the United States» - arnoldlockshin.wordpress.com
Правительство США еще нарушает мои права, в течении 14 лет отказывается от выплаты причитающейся мне пенсии по старости. Властители США воруют пенсию!!
ФСБ - Федеральная служба «безопасности» России - вслед за позорным, предавшим страну предшественником КГБ, мерзко выполняет приказы секретного, кровавого хозяина (boss) - американского ЦРУ (CIA). Среди таких «задач» - мне запретить выступать в СМИ и не пропускать большинства отправленных мне комментариев. А это далеко не всё...
Арнольд Локшин, политэмигрант из США
BANNED – ЗАПРЕЩЕНО!!
ЦРУ - ФСБ забанили все мои посты и комментарии в Вконтакте!
… и в Макспарке!