It has been revealed that the IMF issued a new warning for the US. Check out the latest urgent reports below.
IMF issues warning for US economy
The US government spent more money than it earned by over a trillion dollars in the last fiscal year, according to the recently published Congressional Budget Office (CBO) report.
The report tracks the government’s receipts and outlays for the 2023 fiscal year, which ran from October 1st, 2022 to September 30th, 2023.
The budget deficit for the last fiscal year was $1.7 trillion, which is $300 billion higher than the shortfall recorded in the previous fiscal year.
The CBO report reveals that the US government spent $6.131 trillion during the 2023 fiscal year, while earning only about $4.441 trillion through taxes and other revenues.
The federal budget deficit in the US has increased, causing concern for the International Monetary Fund (IMF). At the 2023 World Economic Outlook, IMF director Pierre-Olivier Gourinchas called on the US government to change its approach to spending and taxes.
This is due to the country’s struggle with sticky inflation and high-interest rates.
Gourinchas emphasized that the United States’ fiscal deficits have deteriorated substantially in 2023, and that the country’s fiscal policy should not be procyclical, especially at this stage of the inflation cycle.
He also highlighted that with lower growth, higher interest rates, and reduced fiscal space, structural reforms of the right kind at the right time become imperative.
National security warning
Chinese-operated bitcoin mines in the United States have raised concerns about national security, according to a report by The New York Times.
One such operation is located in close proximity to a Microsoft data center that supports the Pentagon and is also near an Air Force nuclear missile base in Cheyenne, Wyoming.
The Microsoft team had previously warned a U.S. government committee that these locations could enable the Chinese to conduct “full-spectrum intelligence collection operations.”
Check out our previous article in order to learn more details about this.
