National debt interest costs $122 billion, 18% of spending on June 2023; The federal deficit nearly tripled; US tax receipts drop significantly.

Ht @RealEJAntoni

And the longer that rates stay at this level, more and more debt matures and gets refinanced at these higher rates. So the debt interest expense is going to keep going higher. 🔥 pic.twitter.com/WDEUlt9EFd

— Wall Street Mav (@WallStreetMav) July 13, 2023

Every time US tax receipts have tumbled this much, the US was in a deep recession pic.twitter.com/lglJ9RqS1C

— zerohedge (@zerohedge) July 14, 2023

The US's deficit is getting much bigger due to higher borrowing costs, which have jumped 25% in the first 9 months of the fiscal year. Weighted average US interest at the end of June hit 2.76%, the highest level since Feb 2012, up from 1.8% a year before. https://t.co/6tMRh0lja8

— Lisa Abramowicz (@lisaabramowicz1) July 13, 2023

They printed 8 Trillion, gave you $1400, sent the rest to their criminal friends, and left you with the inflation.

— illuminatibot (@iluminatibot) July 14, 2023

The US is paying over $900 billion in interest on its debt: the number will hit $1 trillion next quarter.

At this point the number will start rising exponentially, just like the debt https://t.co/m4njUx3BYm pic.twitter.com/mTpuly3VbO

— zerohedge (@zerohedge) July 14, 2023

“US Federal Debt Interest Payments To Hit $1 Trillion. It was $521 billion a year ago. This is a complete disaster & it would mean that interest payments on total US debt of $32.3 trillion would reach $1.3 trillion in a year, making it the largest expenditure surpassing social security.”

Fed is losing tons of $$$ in payouts to commercial banks on reverse repos and other programs. 💰💰💰 https://t.co/5V4gwU5804

— Wall Street Mav (@WallStreetMav) July 14, 2023

The federal deficit nearly tripled

“The federal government’s deficit nearly tripled in the first nine months of the fiscal year, a surge that’s bound to raise concerns about the country’s rising debt levels.

The Treasury Department said Thursday that the budget gap from October through June was nearly $1.4 trillion — a 170% increase from the same period a year earlier. The federal government operates under a fiscal year that begins October 1.

The shortfall adds to an already large federal debt — estimated at more than $32 trillion. Financing that debt is increasingly expensive as a result of rising interest rates. Interest payments over the last nine months reached $652 billion — 25% more than during a same period a year ago.

“Unfortunately, interest is now the government’s fastest growing quote-unquote ‘program,'” said Michael Peterson, CEO of the Peter G. Peterson foundation, which promotes fiscal responsibility.
Why the deficit is surging

The deficit ballooned both because of a sharp increase in government spending and a significant drop in tax revenues.”