Commentary
The U.S. federal government published a December 2023 deficit of $129 billion, up by 52 percent from the previous year. The private sector recession is clear as expenses continue to rise while tax receipts decline. If we look at the period between October 2023 and December 2023, the deficit ballooned to a staggering $510 billion. You may remember that the Biden administration expected a significant deficit reduction from its tax increases and the expected benefits of its Inflation Reduction Act.
