Re: Democrats taxapalooza
Posted: Fri Apr 25, 2025 11:44 am
AI/WSJ:
U.S. government spending is higher in 2025 compared to 2024. The U.S. government has spent $6.75 trillion in fiscal year 2024, resulting in a deficit. In the first five months of fiscal year 2025, the federal budget deficit totaled $1.1 trillion, a $319 billion increase compared to the same period last year.
Here's a more detailed breakdown:
Fiscal Year 2024:
The federal government spent $6.75 trillion, which was more than it collected in revenue, resulting in a deficit.
Fiscal Year 2025 (First Five Months):
The deficit reached $1.1 trillion, a significant increase from the previous year.
Overall Trend:
While some have attributed efforts to reduce spending, data shows that the federal government is spending more in 2025 compared to 2024.
Factors Contributing to Higher Spending:
The increase in spending is due to factors such as rising interest payments, costs for entitlement programs (like Social Security and Medicare), and rising defense budgets.
Impact on Deficit:
The higher spending is directly contributing to the increase in the federal budget deficit.
Additional context:
The Congressional Budget Office (CBO) estimates that the U.S. borrowed $599 billion from January through March 2025, an increase of $44 billion from the same period in 2024.
The Wall Street Journal reported that federal spending is higher since President Trump took office, despite efforts to cut costs.
The Cato Institute notes that spending has grown at a faster pace than revenues, leading to the current deficits.
U.S. government spending is higher in 2025 compared to 2024. The U.S. government has spent $6.75 trillion in fiscal year 2024, resulting in a deficit. In the first five months of fiscal year 2025, the federal budget deficit totaled $1.1 trillion, a $319 billion increase compared to the same period last year.
Here's a more detailed breakdown:
Fiscal Year 2024:
The federal government spent $6.75 trillion, which was more than it collected in revenue, resulting in a deficit.
Fiscal Year 2025 (First Five Months):
The deficit reached $1.1 trillion, a significant increase from the previous year.
Overall Trend:
While some have attributed efforts to reduce spending, data shows that the federal government is spending more in 2025 compared to 2024.
Factors Contributing to Higher Spending:
The increase in spending is due to factors such as rising interest payments, costs for entitlement programs (like Social Security and Medicare), and rising defense budgets.
Impact on Deficit:
The higher spending is directly contributing to the increase in the federal budget deficit.
Additional context:
The Congressional Budget Office (CBO) estimates that the U.S. borrowed $599 billion from January through March 2025, an increase of $44 billion from the same period in 2024.
The Wall Street Journal reported that federal spending is higher since President Trump took office, despite efforts to cut costs.
The Cato Institute notes that spending has grown at a faster pace than revenues, leading to the current deficits.