US posts $85 billion deficit in December

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The US government posted an $85 billion deficit in December, bringing the total deficit to nearly $1.42 trillion for calendar year 2022, the Treasury Department said Thursday.

The government, which has a fiscal year that starts in October, is running a deficit of $421.41 billion in the first quarter of fiscal 2023, up 12% from the first quarter of fiscal 2022, Treasury data show. .

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December’s deficit was nearly four times the $21.3 billion recorded in December 2021, as spending rose and income fell last month.

Revenues totaled $454.94 billion while expenditures were $539.94 billion as of December 2022.

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The budget regulator, the Committee for a Responsible Federal Budget (CRFB), said the $1.4 trillion annual total is “impressive, considering the worst of the pandemic and the accompanying recession long gone.”

“We shouldn’t be borrowing $4 billion a day, a kind of debt addiction that is damaging to the economy and the budget,” Maya MacGuineas, president of the CRFB, said in a statement.

The House Republicans’ package of rules adopted earlier this week included measures aimed at reining in federal government spending and keeping taxes under control.

Source: CNN Brasil

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