The U.S. Congressional Budget Office reports that the federal government is borrowing far more this fiscal year than the year before even as inflation continues to rise.
The CBO released its deficit estimate which said the U.S. deficit hit about $1.5 trillion in the first 11 months of this fiscal year.
“Eleven months in, and we have already borrowed $1.5 trillion this fiscal year, compared to $946 billion at the same point last year,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement. “On top of that dismal fiscal news, we still haven’t funded the government past the end of the month – Washington appears to be sticking to its time-honored tradition of governing poorly, and by perpetual crises.”
As The Center Square previously reported , the cost of interest payments on the national debt will surpass the cost of U.S. funding for national defense within […]
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