{"id":65485,"date":"2023-07-14T05:10:00","date_gmt":"2023-07-14T10:10:00","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65485"},"modified":"2023-07-14T05:10:00","modified_gmt":"2023-07-14T10:10:00","slug":"endgame-us-federal-debt-interest-payments-about-to-hit-1-trillion","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65485","title":{"rendered":"Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion"},"content":{"rendered":"
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Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion<\/a><\/h3>\n<\/header>\n
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There was a shocking number in today’s\u00a0latest monthly US Budget Deficit report<\/a>. No, it wasn’t that US government outlays unexpectedly soared 15% to $646 billion in June, up almost $100 billion from a year ago…<\/p>\n

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… while tax receipts slumped 9.2% from $461 billion to $418 billion,\u00a0resulting in a TTM government receipt drop of over 7.3%,\u00a0<\/strong>the biggest since June 2020 when the US was reeling from the covid lockdown recession; in fact never have before tax receipts suffered such a big drop without the US entering a recession.<\/p>\n

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Needless to say, surging government outlays coupled with shrinking tax revenues meant that in June, the US budget deficit nearly tripled from $89 billion a year ago to $228 billion, far greater than the consensus estimate of $175 billion. One can only imagine which Ukrainian billionaire oligarch’s money laundering bank account is currently enjoying the benefits of that unexpected incremental $50 billion US deficit hole: we know for a fact that the FBI will never get to the bottom of that one, since they can’t even figure out who dumped a bunch of blow inside the White House – the most protected and surveilled structure in the entire world.<\/p>\n

And with the monthly deficits coming in higher than expected and also far higher than a year ago, it is also not at all surprising that the cumulative deficit 9 months into the fiscal year is already the 3rd highest on record, surpassed only by the crisis years of 2020 and 2021:\u00a0at $1.393 trillion, the fiscal 2022 YTD deficit is already up 170% compared to the same period last year.<\/strong><\/p>\n

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Again, while sad, none of the above numbers are surprising: they merely confirm that the US is on an ever faster-track to fiscal death, but not before the Fed is forced to monetize the debt once again…<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion There was a shocking number in today’s\u00a0latest monthly US Budget Deficit report. No, it wasn’t that US government outlays unexpectedly soared 15% to $646 billion in June, up almost $100 billion from a year ago… … while tax receipts slumped 9.2% from $461 billion […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[201,304,3945,827,834,3650,4318],"class_list":["post-65485","post","type-post","status-publish","format-standard","hentry","category-economics","tag-deficit","tag-federal-debt","tag-interest-payments","tag-united-states","tag-us","tag-us-federal-reserve","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65485"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65485\/revisions"}],"predecessor-version":[{"id":65486,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65485\/revisions\/65486"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}