US government spending soared to $6.5 trillion in May; deficit hits $1.7 trillion—6.2% of GDP. Interest payments absorb 57% of revenues

It feels like the financial situation is getting out of control:

This is absolutely insane:

Annual US government spending reached a MASSIVE $6.5 trillion in May, just $1.1 trillion below the March 2021 record.

The government total outlays have DOUBLED in just a decade.

To put this into perspective, this is more than the size of most world… pic.twitter.com/1ypRDaZVoc

— The Kobeissi Letter (@KobeissiLetter) July 6, 2024

Interest payments absorb 57% of government revenues

Interest payments as a share of revenue pic.twitter.com/LcFkiRDYVD

— Win Smart, CFA (@WinfieldSmart) July 7, 2024