Treasury Reports $378 Billion Deficit in March
The Treasury Department released its latest Monthly Treasury Statement today, showing that the United States borrowed $378 billion in the month of March and $1.1 trillion in the first half of fiscal year 2023.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
It’s confirmed: the Treasury Department’s latest numbers show that we’ve borrowed more than a trillion dollars so far this fiscal year and we’re only halfway through. But despite the need for a comprehensive plan to address our runaway borrowing, in Washington, all we’re hearing from our elected officials is crickets.
Let’s look at the facts: we’re nearly at the point where our debt will be larger the economy itself and on track to exceed its highest level ever as a share of the economy -- truly unprecedented territory -- in five years. And it’s getting more and more expensive to service that debt -- interest on the debt is on track to exceed $10 trillion over the next decade. We’ll spend more on interest over the decade than we will on defense or Medicaid. That’s truly astounding, especially against a backdrop of policymakers who continue to demagogue on the important challenges we face funding Social Security and Medicare.
We need a plan to cut back on borrowing and put the country’s finances on a path towards sustainability. Otherwise, our habit of ignoring these issues and perpetually relying on the decisions of tomorrow will leave the next generation with colossal burdens to overcome.
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