The Congressional Budget Office said Tuesday that it projects a federal budget deficit increase of $400 billion or 27% this year, from its last budget outlook released in February.
FILE - Phillip Swagel, Director of the Congressional Budget Office, testifies during a House Committee hearing Feb. 14, 2024, on Capitol Hill, in Washington. The CBO said Tuesday, June 18, that it projects a federal budget deficit increase of $400 billion or 27% this year, from its last budget outlook released in February.
Deficits are a problem for lawmakers in the years to come because of the burden of servicing the total debt load, an aging population that pushes up the total cost of Social Security and Medicare and rising health care expenses. White House spokeswoman Karine Jean-Pierre, said after the report’s release that “the president is going to work to do everything he can when it comes to lowering the deficit,” adding that former president Trump “didn’t sign a single law to reduce the deficit.”that he would further cut the corporate tax rate he lowered while in office, among other things. The Committee for a Responsible Federal budgetMichael A. Peterson, CEO of the Peter G.
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