Monthly budget statement:

  • Last December was a $13.5B deficit
  • 2020 fiscal year-to-date deficit $357B vs $319B in 2019
  • Outlays $349B vs $326B a year ago
  • Receipts $336B vs $313B a year ago

The deficit hawks don't even pretend to care anymore. If rates ever ran higher on deficit concerns, the Fed would monetize the deficit via QE. The song-and-dance isn't going to end for many years but one day it will.