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Going only another $1.5 trillion in the hole for the year, it turns out, was a bit too optimistic. The US government has hit a $1.1 trillion annual deficit just halfway through the fiscal year, per the latest CBO report.
If current spending continues — and there’s no reason to expect otherwise — the US will overshoot its projected debt for the year by almost 50%.
And yet, just over a month ago, the same CBO released their report projecting a $1.5T deficit for the entire year. At this rate, the deficit will be $2.2T, a 47% overshoot and even higher than the projected deficit in 2031. https://t.co/r882Jc6TvY pic.twitter.com/hbVpYlluY4
— James Lavish (@jameslavish) April 8, 2024
With the election a few months away, we’ll likely see a number of expensive programmes dangled to sweeten the pot for voters. Just this week, the Biden Administration pitched a student debt relief plan for 30 million Americans. The US money machine goes brrr…
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