/biz/ - Business & Finance

>>57533944
>The U.S. government ran up another half a trillion dollars in red ink in the first quarter of its fiscal year, the Treasury Department reported Thursday.

>For the period from October 2023 through December 2023, the budget deficit totaled just shy of $510 billion, following a shortfall of $129.4 billion in just December alone, which was 52% higher than a year ago. The jump in the deficit pushed total government debt past $34 trillion for the first time.

>Compared to last year, which saw a final deficit of $1.7 trillion, 2024 is running even hotter. If the current pace continues, 2024 would end with a deficit of just more than $2 trillion. The U.S. is now spending more in gross interest on Treasury debt securities than it does on national defense.

Economy is still running hotter and more resilient than expected, but it will really get interesting when we get a nasty recession and they have to ramp up stimulus / QE even more. We are getting into levels where even the pro-MMT folks are getting nervous.