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WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its; increased Medicaid spending; and higher spending on FDIC insurance after the agency has not yet recovered payments it made after the
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.”
“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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