The Debt Ceiling and Inflation
Not surprisingly, both houses of Congress approved another increase in the debt ceiling and have sent the bill to President Biden, who will most assuredly sign it. The bill raises the debt ceiling to $31.5 trillion. This debt ceiling is expected to last through the...
Feds Set Spending Record in Fiscal 2021; Ran Second-Largest Budget Deficit in History
With economies shut down and the U.S. government spending trillions in response to the coronavirus pandemic, the federal government ran a record $3.13 trillion deficit in fiscal 2020. The pandemic eased and economies opened back up in fiscal 2021, and you would expect...
Despite Tax Day in May, U.S. Government Runs Another Massive Deficit
Typically, the U.S. government runs a budget surplus in the month that tax returns come due. Not this year. Despite a surge in receipts, the federal government ran a $131.95 billion deficit in May, continuing the trend of overspending and ballooning budget shortfalls....