The federal government incurred a deficit of $317 billion in November 2023, CBO estimates— $68 billion more than the deficit recorded last November. https://www.cbo.gov/system/files/2023-12/59726-MBR.pdf The [cumulative] federal budget deficit totaled $383 billion in October and November 2023, the first two months of fiscal year 2024.
YTD defense spending was $150 bn. Since it was $87 bn in October, November was $63 bn.
YTD net interest was $153 bn, so November was $77 bn.
The debt to the public increased from $26.330 trillion on 9/30/23 to $26.844 trillion on 11/30/23, and increase of $514 billion. The Treasury General Account (TGA) increased from $679 bn on 9/30/23 to $754 bn on 11/29/23, an increase of $75 billion.
So the actual spending YTD was $439 billion (The $514 bn increase less the $75 bn increase in TGA). I would say we are still on track to exceed a $2 trillion deficit in FY 2024, which would make it the 3rd highest ever, behind 2020 and 2021.
Also note that revenues were only $275 bn in November and net interest in November was $77 bn, so net interest was 28% of revenues.
============
On 11/30/22, the total national debt was $31.371 trillion, and on 11/30/23 it was $33.879 trillion, so it increased almost exactly 8.0% from the year previous.
No comments:
Post a Comment