Details:
◾️ For the first eight months of the current fiscal year, the deficit totaled $1.16 trillion, almost as large as $1.38 trillion for the entire last fiscal year.
◾️ Government spending in May jumped 20% to $548 billion, up from $455 billion in the same month a year ago.
◾️ Taxes collected last month were down about 21% to $307.5 billion from a year earlier.
◾️ Interest on the debt is up 25% this fiscal year from a year ago.
The Congressional Budget Office projects the annual deficit will rise from an estimated $1.4 trillion in the current fiscal year to $2.9 trillion by 2033.
US deficits soared during the pandemic and are expected to keep rising through the next decade despite a recent budget deal between Democrats and Republicans.
Yet there seems to be little desire in White House to cut spending, raise taxes, or do both to address the expanding national debt, only adding to the US fiscal challenges.