Some interesting statistics we published last week from the US Treasury:-
The US Treasury said it expects to borrow $816 billion between January and March. The announcement comes 10 days after the government said the fiscal 2023 budget deficit would be about $1.7 trillion.
So in 2023 the US Government spends £1.7 Trillion MORE that the US Government receives in tax revenue and thus bridges the gap by borrowings.
Lets give some context to the level of the US Government spending:-
The United States led the ranking of countries with highest military spending in 2022, with 877 billion U.S. dollars dedicated to the military
America’s debt—now $26 Trillion and growing—also goes up. In the fiscal year ending on September 30th 2023, interest payments on America’s debt totalled some $660bn