via justthenews
“The growth in spending continues to outpace the growth in tax collections. This is why our national debit is heading toward $34 trillion. It cannot go on forever without serious economic consequences,” says the leader of the Tax Foundation.
The U.S. government ran a budget deficit of $381 billion so far into the 2024 fiscal year, which represents a 13% increase from this same time period last year.
The deficit is $44 billion higher than it was at the end of November 2022, according to the latest data released by the U.S. Department of the Treasury.
Congress passed a “laddered” continuing resolution in November with a final expiration date of February 2. Conservative House Republicans have been calling for a reduction in federal spending to reduce the budget deficit. Congress must pass another spending bill to keep the government funded past Feb. 2.