US budget gap blows out 64% as nation burns cash like 'drunken sailor'

The US budget deficit surged to $2.3 trillion in the 12 months through June, a 64% increase from the fiscal year 2022 that ended in September.

The latest number is more than twice as big as the shortfall before the start of the pandemic, according to the. Last month alone. the government spent $225 billion in excess of its income. "Policymakers should work together to get the economy and our fiscal health back on track," the committee said in a statement."Compared to the prior 12 months, total nominal spending is up 14 percent to $6.7 trillion and revenue is down 7 percent to $4.5 trillion."

However, the Biden administration's latest moves suggest the weakening trend in public finances could continue. The US government announced Friday that it willFinancial markets expert Charlie Bilello weighed in on the latest budget-deficit figures, likening the US government's spending habits to that of a"drunken sailor."

"This is occurring when the economy is still in an expansion with the Unemployment Rate near a 54-year low at 3.6%. What happens to the deficit when a recession hits?" he said in a

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