Miscellaneous News

The federal deficit nearly tripled, raising concern about the country's finances​

The federal government's deficit nearly tripled in the first nine months of the fiscal year, a surge that's bound to raise concerns about the country's rising debt levels.

The Treasury Department said Thursday that the budget gap from October through June was nearly $1.4 trillion — a 170% increase from the same period a year earlier. The federal government operates under a fiscal year that begins October 1.

The shortfall adds to an already large federal debt — estimated at more than $32 trillion. Financing that debt is increasingly expensive as a result of rising interest rates. Interest payments over the last nine months reached $652 billion — 25% more than during a same period a year ago.

"Unfortunately, interest is now the government's fastest growing quote-unquote 'program,'" said Michael Peterson, CEO of the Peter G. Peterson foundation, which promotes fiscal responsibility.

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KYli said:

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In4ser said:

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Tripwire for US intervention? Looks like we’re sleep walking into a deeper quagmire like US advisors in South Vietnam.

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FriedButter said:

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Deficit almost triples in 9 months from $500 billion to $1.4 trillion and they aren’t even in a recession. Yet, the funding for expanding military production hasn’t even seriously began in earnest.

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Biscuits said:

No, it is not significant because that is not adjusted for inflation.

Japan, the country that has complete supply chains in most 80s tech, the 3rd most threatening fleet in Asia and perhaps globally, even if by a far margin behind the 2nd and 1st, is still much more capable across the board than Germany, a country with a castrated government and military, whose industrial achievements are limited to using Russian gas to ride on China's industrial coattails.

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supercat said:

I guess that's never a good thing if the interest of your debt is more than your military spending.

https://twitter.com/i/web/status/1679822395773730817

What kind of joke is this? The UK will adapt laws that are similar to the "Hong Kong National Security Law"?

https://twitter.com/i/web/status/1679889014613213185

China will boost salary for some researchers.

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It loos like China got both the 1st and second prizes

https://twitter.com/i/web/status/1679753942933336066

Ya Ya enjoys iced bamboo. She seems quite healthy now.

https://twitter.com/i/web/status/1679719070206402560

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Biscuits said:

No, it is not significant because that is not adjusted for inflation.

Japan, the country that has complete supply chains in most 80s tech, the 3rd most threatening fleet in Asia and perhaps globally, even if by a far margin behind the 2nd and 1st, is still much more capable across the board than Germany, a country with a castrated government and military, whose industrial achievements are limited to using Russian gas to ride on China's industrial coattails.

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Temstar said:

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Overtaken by resource exporting countries like Brazil, Australia and... Russia due to high commodity prices. And of course having their biggest trade surplus country becoming their biggest trade deficit country due to competition in the South Korean pillar industry of carmaking, ship building and electronics.

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