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Australia’s federal budget will go from a budget surplus achieved in 2023/24 to a bigger than expected deficit.
The national debt presently stands close to $34.5 trillion.
Federal shortfall reaches $532 billion as spending and receipts are both up.
National debt will account for 172 percent of the economy by 2054.
President Joe Biden’s economic policies will help the United States be more fiscally responsible.
Treasury officials say massive borrowing will subside over the next several quarters.
“We’re in a tough spot. It gets worse should we take no corrective action in the coming years,” said Anna Duning, budget director for the mayor’s office.
‘We are all in this boat together. The boat is sinking’
Interest payments are one of the top budget items for the federal government.
The US government added $2.65 trillion to the national debt in 2023.
Analysts found that the overall budget deficit could more than double—from $30 billion for fiscal 2022–23 to about $68 billion for 2024–25.
The U.S. government is already $381 billion in the hole in fiscal year 2024.
The U.S. government still on a sustainable fiscal path, Treasury Secretary says.
Many citations are given for parking meter violations, and higher fines are issued for blocking fire hydrants, red zones, and bus lanes.
