The budget/debt crisis in Washington isn’t improving – it’s gotten a lot worse this year. This depressing update from CBO shows the deterioration. The dark columns are the monthly deficits for FY2023 and the pink columns are the deficits for FY2022.
We are headed to another fiscal year end with $2 trillion more borrowing.
Where is all the money going? Here are some of the lowlights from the House Budget Committee:
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- Skyrocketing Interest Payments. The largest spending increase was for interest payments on the debt, which increased by $135 billion (or 37 percent) compared to same point last year.
- Unconstitutional Student Loan Bailout. Spending for the Department of Education increased by $22 billion (or 15 percent), thanks to President Biden’s student loan bailouts which the U.S. Supreme Court recently ruled unconstitutional.
- Bidenflation Accelerating Federal Spending: Social Security spending increased by $98 billion (or 11 percent), impacted by high inflation. Similarly, Medicare spending increased by $91 billion (or 17 percent), while Medicaid spending increased by $34 billion (or 8 percent).
- Bank Failures Under Biden: Federal Deposit Insurance Corporation spending increased by $52 billion (such spending was negative last year), as the agency dealt with bank failures in the spring.
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Meanwhile, Biden is still claiming that he has cut the budget deficit by $1.7 trillion – more than any other president in history.