Nothing should shock us anymore, but the latest Congressional Budget Office report did. Released this week, the report shows that the nation is in vastly worse financial shape than anyone thought just a few months ago. And the report makes clear who is to blame.
The CBO’s latest “Budget and Economic Outlook” projects that the federal deficit this year will top $1.9 trillion. That’s $408 billion higher – a 27% increase – than what the CBO thought it would be just four months ago.
This will make the 2024 deficit the biggest ever recorded in American history – not counting the two years of panic-induced COVID-19 spending sprees – and will mark the third consecutive increase in deficits under Biden. (See the chart below.)
It’s also highly unusual for the CBO to make such a huge correction to its forecast.
The nonpartisan office routinely produces a budget and economic forecast at the start of the year, and then an update mid-year. Normally, these don’t vary much. In Trump’s first three years, for example, the average variance between the first forecast and the final deficit was just $73 billion.
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Author: Ruth King
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