via mises.org:
According to the latest monthly statement from the Treasury Department, the total budget deficit for the 2024 fiscal year (which began October 1) has already risen above $380 billion. The new total, which includes the months of October and November, puts the US on track for a total annual deficit of more than $2 trillion by the end of the fiscal year. That would be an increase of more than 25 percent over 2023 fiscal year, which was itself a 23 percent increase over 2022.
A 2024 annual deficit of $2 trillion would make 2024’s deficit the third-largest deficit ever, behind only 2020 and 2021 during which federal spending in covid-related social benefits were seemingly unlimited.
Comparing the same two-month period over the previous decade, the totals also suggest deficit spending in 2024 will lag only the covid years of 2020 and 2021. During the first two months of fiscal year 2021, the deficit came in at more than $429 billion.
h/t SG
56 views