ZeroHedge, Feb 12, 2025 – Excerpts:
First the good news: Elon Musk’s DOGE is going through government spending with a fine-toothed comb, slashing a million here, a billion there.
The bad news: at the rate it is going, DOGE will need a few hundred years to make a tangible impact, because as the Treasury reported earlier today, in January the US government spent a near-record $642 billion, a 29% increase from the $500 billion in January…
… while it collected just $513.3 billion in tax revenues, a far more modest 7.5% increase YoY…
… which resulted in a $129 billion budget deficit for the month…
… the second highest January deficit on record (only the post-covid shock of 2021 was great)…
… and $840 billion so far in fiscal 2025.
This is a problem because as shown in the next chart, the cumulative budget deficit for the first 4 months of fiscal 2025 is the highest on record, surpassing even the fiscal shock from the depths of the post-covid response.
And the punchline is that no matter what Musk does, the USS Titanic is now more or less on autopilot because while a few billions in discretionary spending can be cut, interest on the debt can not be – without a default (it can however be inflated away… and it will be) – and in January, gross interest on the Federal debt hit a record $1.167 trillion in the past twelve months thanks to another $83.6 billion in interest spending.
Another way of looking at it: in the first four months of the fiscal year, the US has spent $392 billion on interest alone, the highest 4 month total ever.
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