DEBT DEFYING

The US federal budget deficit for FY25Q1 was a staggering $711 billion. The FY25Q1 deficit was $201 billion or 39% higher than the $510 billion deficit of FY24Q1. Spending was $1.8 trillion, up 11%, while revenues were $1.1 trillion, down 2%. Interest payments on the debt were $308 billion, up 7% Y-o-Y. What’s most worrying is that Trump wants tax cuts, and Biden ran debt up during a strong economy.