National
US deficit widens by $85 billion in December
(CNN) — The US government recorded a deficit of $85 billion in December, bringing the total deficit to nearly $1.42 trillion for the 2022 calendar year, the Treasury Department reported Thursday.
The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal first quarter of 2023, a 12% increase from the fiscal first quarter of 2022, Treasury data shows.
December’s deficit was nearly four times as large as the $21.3 billion deficit recorded in December 2021 as spending grew and revenue fell last month. Receipts totaled $454.94 billion, while outlays were $539.94 billion in December 2022.
Budget watchdog the Committee for a Responsible Federal Budget said the $1.4 trillion calendar year total is “staggering, considering the worst of the pandemic and the accompanying recession have been over for a long while now.”
“We should not be borrowing $4 billion a day, an apparent debt addiction that is harmful to the economy and the budget,” Maya MacGuineas, president of the CRFB, said in a statement.
The House Republicans’ rules package adopted earlier this week included measures aimed at reining in federal government spending and keeping a lid on taxes.
The measures, several of which raised concerns even among cost-conscious Republican lawmakers, are sure to lead to battles later this year with the Democratic-led Senate and President Joe Biden that could have severe consequences.
If the two parties can’t work out an agreement to fund the government for fiscal year 2024, which starts October 1, it could result in a shutdown. And if a war over spending cuts prevents Congress from raising the $31 trillion debt limit this summer or fall, it would risk a default on US debt that would roil the national and global economies.
–CNN’s Tami Luhby contributed to this report.
The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
By: Ceci Partridge
January 12, 2023
Latest Instagram Posts
Help us choose the next NBC Palm Springs Fan of the Week! Vote for Video 1, 2, 3 or 4. The fan with the most votes will win a pair of tickets to next week’s Coachella Valley Firebirds game! Voting ends Thursday. Who’s your pick?
Spirit Halloween has revealed its top Halloween costume trends for 2026, and pop culture is driving the picks. Off Campus, Toy Story, K-pop Demon Hunters, superheroes, Greek gods and warriors — and plenty of Dolly Partons — are expected to be popular. What are you dressing up as this Halloween? #Halloween2026 #SpiritHalloween #HalloweenCostumes #nbcpalmsprings
After a car drove through a walkway, damaging Bill’s Pizza, the restaurant appears to have begun repairs and is still open the following day. The neighboring store, Gallivant was also damaged and is closed until Monday. The store has a gofundme page opened for them by a neighboring bookstore to support the cost of the damages. NBC Palm Springs is following the effects of this accident and what this means to the Palm Springs community. #billspizza #palmsprings #continuingcoverage #localnews #coachellavalley
Researchers at Southern Illinois University Carbondale are using bioengineered baker's yeast to break down plastic into ingredients for cookies.
Camden, Arkansas, is the unlikely hub of US missile manufacturing after years of conflicts in Ukraine and the Middle East have drained the country's arsenal. But the Trump administration's push to scale up defense production is colliding with the limits of the small, rural town.
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will 1) Devin Session with the diving TD, 2) Mason Flores with the dot on the run, 3) Reese Johnson with the clutch FG, 4) Kaylaun Smith running over defenders, or 5) Joshua Perez with the TD throw. #hondaofthedesert #fnl #fridaynightlights #fyp #highschoolfootball
🏒🔥 LET’S HEAR FROM TIM O’BRIEN! We’re kicking off Coachella Valley Firebirds Opening Night and catching up with Tim O’Brien! Hear what he has to say as the Firebirds get ready to hit the ice for another exciting season. 🏒🔥 #CoachellaValleyFirebirds #Firebirds #OpeningNight #Hockey #CoachellaValley PalmSprings CVFirebirds
SHARE this reel to help find ‘The Fab 5’ a home! 🐶🤍 #therogginreport #palmsprings #dogrescue #coachellavalley #nbcpalmsprings
🎀 October is Breast Cancer Awareness Month. Take a moment to know the warning signs, schedule your mammogram, and talk with your doctor about the screening schedule that’s right for you. Early detection can make a difference. 💗 #BreastCancerAwareness #BreastCancerAwarenessMonth #Mammogram #EarlyDetection #BreastHealth CoachellaValley DAPHealth
🎬 FREE MOVIE TICKETS! 🍿❤️ Our Manny the Movie Guy is here with a chance to see the upcoming screening of “Love of Your Life” — FREE! 📅 This Tuesday 📍 Mary Pickford Theatre — Cathedral City Want to see the movie before everyone else? Manny has the tickets! 🎟️ Watch for details on how you can enter and score your FREE tickets! #MannyTheMovieGuy #LoveOfYourLife #FreeTickets #MovieScreening #CathedralCity CoachellaValley MaryPickford NBCPalmSprings