BREAKING: The US Treasury posted a $284.4 billion deficit in October, the worst opening month to any fiscal year in history.
This exceeds the previous record of $284.1 billion in October 2020, during the historic pandemic response.
Government spending jumped +18% YoY, to $688.7 billion, bringing the 6-month moving average up to ~$590 billion.
To put this differently, US government expenditures averaged ~$22.5 BILLION per day last month.
The deficit spiral is accelerating at a record pace.
Rand Paul today on blocking Trump's tariffs on imports from Canada: "Despite arguments to the contrary, Americans know tariffs are a tax they are going to have to pay."
The Founding Fathers “so feared the power of taxation that they gave it only to Congress.”
"I stand to speak against the tariffs. I stand to speak against the idea of skipping democracy, of skipping the constitutional republic, of rejecting our founding principles."
"Not because I have any animus towards the president. I do this because I love my country..."
"We should vote. This is a tax, plain and simple."
"Taxes should not be enacted by one person."