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Federal Spending and Debt Skyrocketing Again

Remember when Biden was boasting about reducing the deficit by $1.4 trillion?

Never mind.

The latest monthly report from Congressional Budget Office (CBO) is filled with grim numbers.

The budget deficit for the first half of FY 2023 has already reached $1.1 trillion – in just six months.  Earth to Washington: Covid is over.  Why in the world are we spending and borrowing so much money?  The red ink is running more than $400 billion HIGHER than at this stage last year. THAN LAST YEAR.

What explains this deterioration?  Spending is up 13 percent while receipts are down 3 percent.

Former Fed Board member Larry Lindsey predicts the deficit this year will come in at $1.75 trillion, or nearly 7% of GDP.

What a financial disgrace.  And all the more reason for House Republicans to hold firm on debt ceiling negotiations.  Sorry, Joe. No unlimited credit card for you.

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