Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Through their budget decisions, our elected leaders fulfill their. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. The federal budget is one of the most important policy instruments of our government. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “This is just the tip of the iceberg, because interest rates are continuing to climb,” he said. In the 2019 fiscal year, the deficit totaled $980 billion.Īmerica’s debt levels are remaining elevated at a time of historically high inflation and when interest rates are quickly ratcheting higher - making that borrowing even more expensive, he said, noting that interest payments were $43 billion in October, up from $30 billion a year before. While the shortfall was the smallest in three years, it remains historically high. The deficit is 2 trillion more than the 1.08 trillion budgeted. Revenue was 3.42 trillion less than the 6.55 trillion in spending, creating a record 3.13 trillion deficit. government revenue and spending from October 1, 2019, through September 30, 2020. “We need to do a lot better than that.”ĭuring fiscal year 2022, the US budget deficit was slashed in half, falling to under $1.4 trillion, amid a winding down of pandemic-related spending and a jump in revenue from the surging economic recovery. The fiscal year (FY) 2020 federal budget outlines U.S. “When comparing apples to apples, the deficits are just a tiny bit lower ,” said Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget, a deficit watchdog. That figure is a $7 billion improvement from the adjusted $157 billion deficit in October 2021, Treasury data shows. When adjusting for calendar-related differences - notably $62 billion in federal benefit payments moved up to September because October 1 landed on a Saturday - the October deficit totaled $149 billion. Interest on the national debt is estimated to be 305 billion. Discretionary spending is forecasted to be 1.688 trillion. In the 2022 federal budget, mandatory spending is budgeted at 4.018 trillion. That’s 47% lower than the October 2021 deficit of $165 billion and just below economists’ expectations of $90 billion, according to consensus estimates on Refinitiv.ĭuring October, which is the first month for the government’s 2023 fiscal year, unadjusted spending dropped 9% to $406 billion and revenues increased 12% to $319 billion. The CBO also projected a cumulative deficit for 2022-2031 at 12.1 trillion, or an average of 1.2 trillion a year. The US government recorded a monthly budget deficit of $88 billion in October, the Treasury Department reported Thursday.
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