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.
For more information, please contact Matt Klucher, Communications Manager, at firstname.lastname@example.org.