US Records 2nd Biggest July Deficit In History As 25% Of Tax Revenue Go To Pay Interest

[seminole97]

July was another catastrophic month for US fiscal viability: that's because US tax revenue of $330.4BN (down sharply from the $466.3BN in June, if higher than the $276.2BN a year ago), was far below the $573.1BN in government outlays (which was materially above the $537.2BN in June and also the $496.9BN last July)...




.... resulting in a monthly deficit of $243.7BN, the second largest July budget deficit on record, surpassed only by the record post-covid print in July 2021.



With two months left in the fiscal year, the US budget deficit for fiscal 2024 has hit $1.517 trillion, tracking last year's blowout expansion almost dollar for dollar (one year ago the cumulative deficit was $1.613 trillion), and the 4th highest on record despite there being no raging emergency and no war demanding such a massive deficit spend.

 

[Joes Place]

We warned you those Reagan tax cuts, followed by Bush tax cuts, followed by Trump tax cuts, were gonna blow a hole in the budget.

 

[Torg]

We warned you those Reagan tax cuts, followed by Bush tax cuts, followed by Trump tax cuts, were gonna blow a hole in the budget.

Don’t forget about the two unnecessary wars in Iraq that kept Cheney’s company afloat.

 

[NorthernHawkeye]

We warned that the government's incessant desire to spend, spend and spend was gonna lead to a reckoning.

Buckle up folks.

 

[Bonerfarts]

Dems: Tax and spend
GOP: Cut tax and spend

 

[luvmyhawks]

Nobody, and I mean NOBODY in Washington cares. Some day they will care, but it will be far too late at that point in time.

 

[seminole97]

We warned you those Reagan tax cuts, followed by Bush tax cuts, followed by Trump tax cuts, were gonna blow a hole in the budget.

Receipts as a percentage of GDP are at Clinton era levels, but spending is 50% higher.

We’ve never, in any era, collected more than 20% of GDP in federal taxes (exactly twice ever).

Spending is over 24% of GDP and predicted by the Biden administration to remain there.

If you spend 120% more each year than you’ve ever earned, do you have a spending problem?

Not according to Democrats.

 

[Joes Place]

Receipts as a percentage of GDP are at Clinton era levels, but spending is 50% higher.

And most of that goes to military budgets.

Because we need to make sure oil can flow from the Gulf to keep the world economy moving.
Had we shifted away from that energy source 2 decades ago, we would no longer need to spend that money.

 

[noleclone2]

July was another catastrophic month for US fiscal viability: that's because US tax revenue of $330.4BN (down sharply from the $466.3BN in June, if higher than the $276.2BN a year ago), was far below the $573.1BN in government outlays (which was materially above the $537.2BN in June and also the $496.9BN last July)...




.... resulting in a monthly deficit of $243.7BN, the second largest July budget deficit on record, surpassed only by the record post-covid print in July 2021.



With two months left in the fiscal year, the US budget deficit for fiscal 2024 has hit $1.517 trillion, tracking last year's blowout expansion almost dollar for dollar (one year ago the cumulative deficit was $1.613 trillion), and the 4th highest on record despite there being no raging emergency and no war demanding such a massive deficit spend.

Can you edit to provide the link? Would like to read more.

 

[joelbc1]

Gee, who could see this coming? I guess the answer is another targeted tax cut for the rich and wealthy!

Boyz…. We need to start paying for shit in a timely manner. And everyone needs to pitch in…. Corporations and wealthy need to be included into this party. The last time we had any balanced spending, Bill Clinton was in charge. We had “pay-go” in place and it phuquin’ worked! Gee…. Maybe we should adopt something that we know works? America prospered under Clinton… that is why America loved the sumbitch! He may be been a bastard, but the guy knew how to POTUS.

 

[binsfeldcyhawk2]

And most of that goes to military budgets.

13% of the Federal Budget goes to defense.

How much does the US spend on the military? - USAFacts

Since 1980, defense spending has risen by 62%, climbing from $506 billion to $820 billion by 2023, after adjusting for inflation.

usafacts.org

 

[Joes Place]

13% of the Federal Budget goes to defense.

It is the vast majority of the discretionary spending. And per your link, up 62%

Social Security needs fixing (higher tax rate or increased limits, etc). Republicans have refused to address that. Democrats have proposed steps to address it.

If that is your concern, stop electing Republicans who will not face the problem. Make that a litmus test and if they refuse to help fix it, vote for a Democrat who will.

 

[binsfeldcyhawk2]

It is the vast majority of the discretionary spending. And per your link, up 62%

You said most of the budget increases go to defense. Not true. The defense budget could be zero and we’d still run a deficit.

 

[Joes Place]

You said most of the budget increases go to defense.

The defense budget is up 62%

Social Security is fixable; why won't you vote for elected officials who will fix it?
I have seen zero Republican proposals to fix it; I have seen several attempts by Democratic administrations to address it.

The GOP strategy is to "let it fail". You seem to be ok with that.

 

[binsfeldcyhawk2]

The defense budget is up 62%

Social Security is fixable; why won't you vote for elected officials who will fix it?
I have seen zero Republican proposals to fix it; I have seen several attempts by Democratic administrations to address it.

The GOP strategy is to "let it fail". You seem to be ok with that.

If you haven’t noticed…Dems ain’t fixing it either.

Get a clue.

 

[Joes Place]

If haven’t noticed…Dems ain’t fixing it either.

Democrats have actually proposed solutions. GOP has shut those down.
Google that if you need Big Person help.

 

[binsfeldcyhawk2]

Democrats have actually proposed solutions. GOP has shut those down.
Google that if you need Big Person help.

 

[Torg]

13% of the Federal Budget goes to defense.

How much does the US spend on the military? - USAFacts

Since 1980, defense spending has risen by 62%, climbing from $506 billion to $820 billion by 2023, after adjusting for inflation.

usafacts.org

My guess is that doesn’t include expenditures for the VA and military personnel medical care.

 

[binsfeldcyhawk2]

My guess is that doesn’t include expenditures for the VA and military personnel medical care.

Military personnel medical care is included in the defense budget.
VA is separate