“The federal budget deficit is widening rapidly, according to the latest estimates by the Congressional Budget Office, raising the risk of the Treasury running out of cash earlier than expected amid a debt-ceiling standoff,” Bloomberg reports.
“The CBO figures show that spending is picking up, while revenues are coming in weaker than last year. In 2022, the Treasury enjoyed a record tax haul, thanks in part to booming job and wage growth, along with the powerful rallies in financial markets in 2021 that yielded funds via capital-gains levies. But market routs last year suggest tax revenues from that source will now be much weaker.”
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