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