MONEY MASTER

  Record-High Deficit for November The  U.S. budget deficit surged 17% year-over-year to $367 billion  in November 2024, marking the largest deficit ever recorded for the month. Adjustments for accelerated payments for Medicare and Social Security added  $80 billion  to November’s outlays. Key Figures Receipts and Outlays : Receipts : Increased by  10%  to $302 billion, a record for November. Outlays : Jumped by  14%  to $669 billion, also a record high. Without payment shifts, the deficit would have been  $29 billion lower  than last year, reflecting a  9% year-over-year decrease . Fiscal Year-to-Date : The  two-month deficit  reached  $624 billion , up  64%  from the same period in FY2024. Year-to-date receipts : Down  7%  to $629 billion. Year-to-date outlays : Up  18%  to $1.253 trillion. Drivers of Increased Spending Calendar Adjustments : Accelerated payments for  Medicare...

Elon Musk has pledged to reduce US budget spending by at least US$2 trillion if Donald Trump secures victory in the upcoming November 5 presidential election , according to a report by Sputnik . Speaking at a Trump campaign rally held at Madison Square Garden in New York, Musk, the headliner of the event, responded to fellow billionaire Howard Lutnick 's question about how much of the US’s US$6.5 trillion budget could be cut. "I think we can do at least two trillion," Musk stated. This promise has drawn criticism, with Bloomberg pointing out that Musk's position appears to contradict the interests of his own companies, which benefit from billions in US government contracts and investments. Trump has previously expressed his willingness to offer Musk a position in the US government should he win the election, noting that Musk is eager to contribute to optimising government operations . In the upcoming election, the Democratic Party is represented by Vice Pre...

  The US federal budget deficit surged to $1.9 trillion for the first 11 months of the fiscal year through August, marking a 24% increase from the same period last year, according to data released by the Treasury Department on Thursday. The deficit for August alone was $380 billion , a stark contrast to the surplus recorded in August 2023, after adjusting for calendar differences. This variance is largely attributed to an accounting adjustment following the rollback of the student-debt forgiveness plan. The interest burden on outstanding US debt remains a significant drag on the budget. Interest costs for the first 11 months of the fiscal year totaled $1.05 trillion , up 30% from the previous year. This marks the first time interest costs have exceeded $1 trillion annually. However, as a share of gross domestic product (GDP) , the ratio was higher in the early 1990s. The Federal Reserve's aggressive interest-rate hikes aimed at curbing inflation have increased the cost of i...

The US budget deficit has reached $1.5 trillion with just two months remaining in the fiscal year, marking a slight decrease from the previous year but still significantly higher than pre-pandemic levels. Treasury Department data released on Wednesday shows the deficit for the first 10 months of the fiscal year through July was down 6% compared to the same period in 2023. Key Highlights: Deficit Details: The budget deficit for the 10 months through July stood at $1.52 trillion, a 6% reduction from the same period last year. For July alone, the deficit was $244 billion, 16% smaller than July 2023, after adjusting for calendar differences. Higher Revenues: The narrowing of the deficit was partly driven by higher revenues, which increased due to the deferral of tax deadlines from fiscal 2023 to this year for states affected by natural disasters, including most of California. Rising Interest Costs: The interest burden on the outstanding US debt continues to be a significant strain on th...