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The growing deficit

America has been operating at a deficit.

In fiscal year 2023, which ended Sept. 30, 2023, the federal government spent $6.13 trillion and collected $4.44 trillion in revenue, resulting in a deficit of $1.7 trillion.

This trend of deficit spending, where expenditures exceed revenue, is continuing. In the first quarter of fiscal 2024 (October to December 2023), the federal budget deficit totaled nearly $510 billion.

Kennedy is adamant about putting a stop to this trend.

“When I’m President I WILL cut the deficit,” he declared on X. “And there is no way to do that without cutting defense spending.”

According to his campaign website, Kennedy proposed to “end the military adventures and regime-change wars, like the one in Ukraine.”

Unless deficit spending ceases, the U.S. will continue to accumulate more debt. The latest data indicates that the U.S. national debt has now surged past a staggering $34 trillion.

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Jing Pan Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.

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