The US federal government’s budget deficit hit $1.1 trillion in the first half of the fiscal year, a 63% jump over a year ago, per Bloomberg.
Interest payments on outstanding debt in the first six months of fiscal 2023 totaled $384 billion, an increase of 32% over the same period last year.
Department of Education outlays increased 76% to $124 billion in the first half.
In January, the US government has hit its $31.4 trillion debt limit.
Treasury Secretary Janet Yellen informed congressional leaders including House Speaker Kevin McCarthy that her department had begun using extraordinary cash management measures that could stave off default until June 5.
The US federal government’s budget deficit hit $1.1 trillion in the first half of the fiscal year, a 63% jump over a year ago
4/13/2023
Republicans, with a newly won House majority, aim to use the time until the Treasury's emergency maneuvers are exhausted to exact spending cuts from Biden and the Democratic-led Senate.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen told congressional leaders in a Thursday letter.
"We're not going to default on the debt. We have the ability to manage servicing and paying our interest. But we similarly should not blindly increase the debt ceiling," Representative Chip Roy, a leading conservative, told Reuters.
Read more: https://unusualwhales.com/news/the-us-government-has-hit-its-31-4-trillion-debt-limit
FEATURED NEWS
Portugal ruled out replacing its U.S.-made F-16 fighter jets with more modern F-35s because of ...
3/14/2025 More sellers have taken their homes off the market, with home delistings spiking 64% from a yea...
3/14/2025 79% of employees are disengaged at work
3/14/2025 Trump has reportedly rejected pleas from business for more clarity on tariffs
3/14/2025
Stay Updated
Subscribe to our newsletter for the latest financial insights and news.

With Unusual Whales
Get the best broker for options trading and earn $5,000 in cash with an eligible account deposit at tastytrade. Get $50 when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.