Interest Rates are up, so's the Deficit
When the economy is bad they tell us we need to borrow to stimulate the economy. What about when the economy is good. What's the excuse then?
US Spending On Interest Hits All Time High As Budget Deficit Soars To $684 Billion
The US' spending problem is starting to become a major issue.
According to the latest Monthly Treasury Statement, in June, the US collected $225BN in tax receipts - consisting of $110BN in individual income tax, $91BN in social security and payroll tax, $4BN in corporate tax and $20BN in other taxes and duties- a drop of 2.9% from the $232BN collected last July and a reversal from the recent increasing trend...
This is the highest 12 month cumulative deficit since May 2013; as a reminder the deficit is expect to increase further amid the tax and spending measures, and rise above $1 trillion as soon as next year.