Our GCR continues to draw ever closer. As the days tick by, the United States government’s financial landscape has been a cause for concern, as its spending patterns have led to an escalating debt crisis.
The recently published USA Federal budget numbers for July alone reveal a staggering deficit of $221 billion, highlighting the government’s unsustainable spending habits.
Moreover, the cumulative interest on US debt has reached a substantial $726 billion, underscoring the instability of the government’s financial trajectory.
This will lead to a total reset of the monetary system, paving the way for a new asset-backed currency and complete overhaul of devastating fiat system monetary policy.
Understanding the Budget Deficit
To grasp the concept of a budget deficit, it’s essential to understand the basics of government budgeting. Similar to how individuals manage their finances, governments create budgets to track income (receipts) and expenses (spending). When expenses exceed income, a budget deficit occurs.
July’s Spending Data Released
Last month, the US government spent a substantial $497 billion. This amount represents the total expenditure across various sectors, including defense, healthcare, infrastructure, education, and social programs.
It’s important to note that the figures provided are for a single month and not representative of the entire year.
Deficit in July
The deficit for July alone amounted to $221 billion. This means that the government’s spending exceeded its income by $221 billion during that month. The deficit arises when the government relies on borrowing or using previously accumulated reserves to cover expenditures that surpass its revenue.
Revenue (Receipts)
In July, the US government received $276 billion in revenue. This includes income from taxes, tariffs, and other sources of government income. However, despite this significant revenue, it still fell short of covering the total expenses for the month.
Interest on Debt
The US government has accumulated a substantial amount of debt over time. Interest on debt refers to the cost the government incurs in paying interest to those who hold US Treasury bonds and other forms of debt. The year-to-date (YTD) figure for interest on US debt currently stands at $726 billion. This indicates the amount the government has paid in interest on its outstanding debt throughout the year.
The Growing Spending Problem
The budget numbers for July highlight a growing concern regarding the US government’s spending habits. With expenses consistently surpassing revenue, the budget deficit continues to increase.
This trend supports a body of mounting evidence regarding the complete, unsustainable situation of the government’s financial position, leading to a fiat financial system crash and the introduction of Our GCR.