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US Budget Gap Hits $421 Billion, Setting Stage for Debt-Limit Fight

Friday, January 13, 2023
US Budget Gap Hits $421 Billion, Setting Stage for Debt-Limit Fight © Bloomberg. The U.S. Treasury Department building in Washington, D.C., U.S., on Saturday, June 26, 2021. The Federal Reserve might consider an interest-rate hike from near zero as soon as late 2022 as the labor market reaches full employment and inflation is at the central bank's goal.

(Bloomberg) -- The US government’s budget deficit widened by 12% for the first quarter of the fiscal year, presaging what’s set to be an intense political battle over fiscal policy.

The budget gap for October through December reached $421 billion, with the increase from the previous year largely driven by rising expenses linked to higher inflation, a Treasury Department release showed Thursday.

Interest payments on public debt rose by $57 billion, or 37% over the same period a year before, to $210 billion. The Treasury has been forced to pay investors higher rates on new debt as the Federal Reserve ratchets up its benchmark interest rate to combat inflation.

The figures are certain to catch the attention of Republicans, who now control the House and are gunning to rein in spending. President Joe Biden and Democratic lawmakers are determined to safeguard key programs, setting the stage for a standoff over raising the federal debt limit — something economists estimate will be needed after July.

Social Security payments also climbed, as cost-of-living adjustments linked to inflation increased. Outlays from the Social Security Administration in the first quarter of the 2023 fiscal year totaled $328 billion, up about 7% over the same period a year earlier.

Biden last year had touted major deficit reduction, crediting his economic-recovery programs. The gap for the 2022 fiscal year was $1.38 trillion, down from $2.78 trillion the prior year.

©2023 Bloomberg L.P.

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23-03-2023 22:02:21 (UTC+7)

EUR/USD

1.0893

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EUR/USD

1.0893

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GBP/USD

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131.30

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0.6720

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1.3633

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 EUR/USD1.0893Buy
 GBP/USD1.2314↑ Buy
 USD/JPY131.30↑ Buy
 AUD/USD0.6720↑ Buy
 USD/CAD1.3633↑ Sell
 EUR/JPY143.03↑ Buy
 EUR/CHF0.9955Buy
 Gold1,980.70↑ Sell
 Silver23.160↑ Sell
 Copper4.1052↑ Buy
 Crude Oil WTI71.46↑ Buy
 Brent Oil77.22↑ Buy
 Natural Gas2.252↑ Buy
 US Coffee C174.55Neutral
 Euro Stoxx 504,211.95↑ Buy
 S&P 5004,001.40↑ Buy
 DAX15,237.55↑ Buy
 FTSE 1007,525.56↑ Buy
 Hang Seng20,049.64↑ Buy
 Small Cap 20001,770.75↑ Buy
 IBEX 359,022.82↑ Buy
 BASF46.630↑ Buy
 Bayer56.03Neutral
 Allianz207.63↑ Buy
 Adidas142.60↑ Buy
 Lufthansa9.905Neutral
 Siemens AG144.80↑ Buy
 Deutsche Bank AG9.465Neutral
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Cập nhật 23-03-2023 22:02:23
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Cập nhật lúc 18:50:17 23/03/2023
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