( Natural News ) Government income has dropped this year, pushing the federal deficit deeper into the red than expected. New data shows the budget deficit climbed in May against a backdrop of falling federal revenues and rising Medicare spending.
The Monthly Treasury Statement showed a May shortfall of $240 billion, which is a full $66 billion over last May’s figure. This brings the cumulative deficit for the first eight months of this fiscal year, which started in October, to $1.165 trillion, which marks a rise of $426 billion over last year. The government has spent $4.16 trillion during this period while collecting just $2.99 trillion worth of revenue. In fiscal year 2022, in contrast, they spent $3.8 trillion while bringing in $3.37 trillion in revenue for a shortfall of under $500 billion.
The report was the first month of accounting of government finances since the deal was made to […]
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