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The national debt's interest payments increased by 32% to $384 billion following the prime rate increase.
According to a report from the Treasury Department, state budget receipts decreased 0.6% to $313.24 billion last month. Spending reached $691.317 billion, up by 36%. Budget revenue is down 3.5% to $2.048 trillion for the current fiscal year, which started on October 1, 2022.
The U.S. government debt will grow by 3% yearly starting in 2023 and will surpass 135% of the nation's GDP by 2028, according to an IMF analysis from April. According to the IMF, the U.S. economy's growth rate would decline from 2.1% in 2022 to 1.6% in 2023 and then accelerate to 1.1% in 2024.
source: cnn.com
According to a report from the Treasury Department, state budget receipts decreased 0.6% to $313.24 billion last month. Spending reached $691.317 billion, up by 36%. Budget revenue is down 3.5% to $2.048 trillion for the current fiscal year, which started on October 1, 2022.
The U.S. government debt will grow by 3% yearly starting in 2023 and will surpass 135% of the nation's GDP by 2028, according to an IMF analysis from April. According to the IMF, the U.S. economy's growth rate would decline from 2.1% in 2022 to 1.6% in 2023 and then accelerate to 1.1% in 2024.
source: cnn.com
