The deficit, it reports, could end up hitting $2 trillion when the current fiscal year ends in three weeks, which it describes as an "Unexpected deficit surge."
Back in February, for example, we pointed out that Biden's reckless economic policies had added more than $5 trillion to projected deficits, even as he claimed he'd done more to cut the deficit than "Any president in history."
In early June, we noted that revenues had been plunging this year, despite all the boasts about a strong economy, and that "The projected deficit for the entire year is now close to $1.6 trillion, which is almost $300 billion higher than Treasury projected at the start of this fiscal year."
In July, we pointed out that Bidenflation was pushing up the cost of federal entitlement programs such as Social Security and Medicare, and had resulted in a 37% increase in interest payments on the national debt in the first nine months of this fiscal year.
By August, Treasury had upped its projected deficit for this fiscal year to $1.9 trillion.
In other words, Congress would have to cut spending by $400 billion every year, just to offset the increase in interest payments thanks to Biden's reckless fiscal policies.
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https://issuesinsights.com/2023/09/06/the-nations-fiscal-crisis-just-got-real/
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