Thursday, August 8, 2024

The deficit in July 2024 was $242 Billion

 The deficit in July 2024 was $242 billion, CBO estimates—compared with a $221 billion deficit recorded in July 2023.  The federal budget deficit was $1.5 trillion [actually $1,510 billion] in the first 10 months of fiscal year 2024, the Congressional Budget Office estimates—$103 billion less than the deficit recorded during the same period last fiscal year. Revenues were $397 billion (or 11 percent) higher and outlays were $293 billion (or 6 percent) higher from October through July than they were during the same period in fiscal year 2023. https://www.cbo.gov/system/files/2024-08/60479-MBR.pdf

Net Interest in July 2024 was $82 billion (782 - 705), up from $68 billion in July 2023.

On 7/31/2024, the national debt was $35.095 trillion, up from $32.61 trillion on 7/31/2023, so it increased 7.6% in one year.

The Federal Reserve now has a deficit of $186.3 billion (as of 7/31/24) compared to $178.5 billion (as of 6/26/24), an increase of $7.8 billion for the month.  See https://fred.stlouisfed.org/series/RESPPLLOPNWW  This is crazy - the Fed has phantom assets on their books and is paying interest to finance them.

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