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Courtesy of The White House.
By Casey Harper, in The Center Square
(The Center Square) – The latest federal budget projections paint a troubling picture of the U.S. fiscal problem.
The U.S. Congressional Budget Office released new estimates this week that the federal deficit this year will be nearly $2 trillion, more than double the deficits just five years ago.
“Large deficits push federal debt held by the public to 122 percent of GDP in 2034,” CBO said. “Economic growth slows to 2.0 percent in 2024 and 1.8 percent in 2026 and later years.”
CBO’s revisions include a significant increase in large part because of the recent foreign aid bill passed by Congress.
From CBO:
In CBO’s current projections, the deficit for 2024 is $0.4 trillion (or 27 percent) larger than it was in the agency’s February 2024 projections, and the cumulative deficit over the 2025–2034 period is larger by $2.1 trillion (or 10 percent). The largest contributor to the cumulative increase was the incorporation of recently enacted legislation into CBO’s baseline, which added $1.6 trillion to projected deficits. That legislation included emergency supplemental appropriations that provided $95 billion for aid to Ukraine, Israel, and countries in the Indo-Pacific region. By law, that funding continues in future years in CBO’s projections (with adjustments for inflation), boosting discretionary outlays by $0.9 trillion through 2034.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, called the latest figures “shocking” and said the U.S. is on a path to being weakened as a nation.
“With debt growing out of control, we need leadership now more than ever,” MacGuineas said in a statement. “This should be domestic issue number one in the presidential campaign. It’s time for Presidents Biden and Trump to put forward plans to fix our debt. And it’s long past time for Congress to act.”
CBO also projects that interest payments alone will be nearly $900 billion and total $13 trillion over the next ten years.
“Over the past eight months of the fiscal year, we’ve spent more on interest payments on the debt than we have on national defense,” MacGuineas said. “We are already spending more on interest than we do on all federal spending for children, and we will see interest grow larger than Medicare spending this year.”
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Categories: National/International News
I heard a Congresswoman talking about the deficit. She said they know how to fix it but the will isn’t there……..leadership.
Dust off the Simpson Bowles white paper and start from there
Check other sources:
https://bipartisanpolicy.org/report/deficit-tracker/
Why is anyone surprised? We have been warned about increasing deficits since Bill Clinton left office. Obama, Trump and Biden added huge amounts to the national debt.
And Vermont is on the same path. Phil Scott should be so proud to have voted for Biden AND handing the socialists a supermajority in the VT legislature by not supporting any down ballot Republican candidates in their campaigns!
Phil Scott is a pathetic excuse for a governor. He’s like an amoeba. Completely missing any semblance of a backbone. He should be ashamed of himself, but his massive ego prevents it.
Vermont IS on the same path with our reckless education budgets and bloated roster of state employees, thanks to the majority party being OWNED by public sector unions and non-profits. The difference is that Vermont doesn’t have a currency printing press.
THANKS DEMOCRATS!!!!!!!!!🤬🤬🤬🤬🤬
Stop this single parent welfare crap. Make it illegal to be a single parent unless your spouse died. Marriage contracts are otherwise BS. Women agree to marriage, not men. If you are unable to choose the correct mate, you should not be fornicating with him. Or, go to the pharmacy section, and pick out some condoms. They cost less than those uppity-style chips I see on my cashier belt when these SNAP customers come to my aisle. You know I’m right. Sue me.
Men dont agree to marriage? Afraid they do and are generally the ones who propose such. I realize you loathe women, but again the only reason you suck air is because of one. And if men dont want kids? Keep your drawers up!
And now…..we shall all get to listen to yet more misogynistic hateful rhetoric! Yay!
Your politicians are selling you out. The average person will no longer own any property because the politicians have decided to sell your property out from under you. This will allow them to keep borrowing from the creditors of the ridiculous debt they have incurred. They do this because it is equitable and because they are structuring the deal so that they will maintain their wealth and power. They borrow the money from creditors, secure the debt with *your* property, and pay themselves tremendously through direct legislation (pork barrel spending) and outright graft (like Bernie Sanders’ recent $1,000,000 political campaign flyer paid for at taxpayer expense).
Sorry folks. I’ve been trying to get serious men to get together on these issues and make plans to take substantial action, but it looks like nobody really cares. Everyone is too mesmerized by their social media and tv programming propaganda. Or just trying to survive (who has time) Or are too comfortable the way things are (don’t rock the boat!). Heck, even some of the conservative news feeds seem to be programming us into do-nothing mindless hordes on purpose.
tel///// lie//// vision////
Ephesians: 6:12 For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
The war machine is the only machine that matters to the “rulers.” As George Bush pointed out in 2002: “The Bush Doctrine holds that enemies of the US use terrorism as a war of ideology against the nation. The responsibility of the US is to protect itself by promoting democracy where the terrorists are located so as to undermine the basis for terrorist activities.” Fast forward to 2024. How is that spreading freedom and democracy around the world working out for the United States? It appears to me the terrorism is from within and utilitized against us on a daily basis. Wickedness in high places indeed.
Hegelian dialectics… create the debt (out of invisible dots of zeroes and ones that exist only in cyberworld and not in the real world), hire collectors, enslave humanity in debt…THEY created… yeah… enslavement of humanity complete.
That’s the REAL Agenda 2030.
The numbers are so big it’s difficult to understand them.
Vt sure has changed in the last 50 years. And not for the better. That is when the dems started to take over and destroy paradise.