BREAKING: The US government is now running a primary budget deficit of -3.59% of GDP, the largest among major advanced economies. The primary budget deficit EXCLUDES the $1.1+ trillion in interest payments on existing government debt. This is followed by the UK at -3.51% of the country’s GDP. Belgium, France, Austria, and the Euro Area run primary budget deficits of -2.14%, -1.97%, -1.66%, and -1.40%, respectively. In other words, even excluding the cost of servicing existing debt, which is the 2nd-largest US government expenditure, even larger than defense spending, the US deficit is the biggest relative to GDP among all major advanced economies. US deficit spending is out of control.(The Kobeissi Letter)