Ten months into the 2023 fiscal year, a new budget deficit report is grim enough to make Joe Biden almost welcome discussion of his role in his son Hunter's unseemly business activities.
The federal budget deficit was $1.6 trillion in the first 10 months of fiscal year 2023, the Congressional Budget Office estimates - more than twice the shortfall recorded during the same period last year.
Outlays in fiscal year 2023 were reduced by the shifting of certain payments - totaling $63 billion - from October 1, 2022, into fiscal year fiscal year 2022 because October 1 fell on a weekend.
Throughout his presidency, Biden has falsely and repeatedly bragged that, "I've already cut the deficit by $1.7 trillion in my first two years in office," when even left-leaning PolitiFact rules that any reduction was an accounting phenomenon flowing from the natural expiration of emergency Covid spending.
It's closer to the truth to say that the deficit would've been far worse had Biden been granted his full wish list.
In any event, Biden owns far more responsibility for today's skyrocketing deficit than he does for the anomaly of declining post-COVID deficits.
In the May 2023 baseline, CBO projected that receipts would be lower this year than they were in 2022, but the decline has been larger than expected.
https://amac.us/newsline/economy/cbo-bidens-2023-deficit-soars-131/
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