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IPFS News Link • Government Debt & Financing

Fed's Powell Lectures Congress About Government Spending... That The Fed Facilitates

• https://www.zerohedge.com by Michael Muharrey

The budget shortfall last month was 34% higher than the October 2018 deficit, coming in at $134.5 billion, according to the latest Treasury Department report. That starts fiscal 2020 off on track to eclipse a $1 trillion deficit.

The October deficit continues a well-established trend. The FY2019 deficit was $984 billion and ranked as the largest budget shortfall since 2012. The federal deficit has only eclipsed $1 trillion four times, all in the aftermath of the 2008 financial crisis.

The FY2019 deficit was 26% higher than FY2018's massive budget shortfall.

Uncle Sam continues to spend enormous amounts of money. In October alone, the Federal government blew through $380 billion. That was an 8% increase over October 2018.  Federal outlays were higher for defense, education, healthcare and Social Security.


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