economy and politics

The United States begins the year with a fiscal deficit of 39,000 million dollars

The United States begins the year with a fiscal deficit of 39,000 million dollars

The report, which comes at a time when the Treasury is employing extraordinary flow management measures to avoid exceeding the federal debt limit, showed revenue of $447 billion last month, down $18 billion, or 4 %, compared to January 2022.

Aside from one-off costs, budget data showed little change from recent trends of slightly slower revenues and rising costs for Medicare, Social Security, and interest on government debt.

The Treasury has said its ability to service US obligations may not last beyond early June unless Congress raises the legal debt ceiling to $31.4 trillion.

Republicans want concessions on spending from President Joe Biden, who has said he will not negotiate a cap hike.



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