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.
PoliticsFILE - 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.
The report cuts into President Joe Biden’s claim that he has lowered deficits, as borrowing increased in 2023 and is slated to climb again this year.in March claims to reduce the deficit by roughly $3 trillion over the next 10 years and would raise tax revenues by a total of $4.9 trillion in the same period.
“The harmful effects of higher interest rates fueling higher interest costs on a huge existing debt load are continuing, and leading to additional borrowing. It’s the definition of unsustainable," Peterson said.
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