(The Center Square) – The latest federal numbers show the U.S. deficit is soaring as President Joe Biden heads out of office.
The U.S. Congressional Budget Office released its monthly budget review on Monday, which showed that in the first two months of this fiscal year, the federal government has run up a deficit of $622 billion.
“That amount is $242 billion more than the deficit recorded during the same period last fiscal year,” CBO said in its report.
That figure means the deficit is nearly 40% higher than this time last year.
“The most alarming turkey in November was the federal government’s inability to live within its means,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement. “We are only two months into the fiscal year, and we have already borrowed a staggering $622 billion, with $365 billion in the month of November alone.”
Deficits never surpassed one trillion dollars before the COVID-19 pandemic. Since then, they remain well above one trillion and for this next fiscal year are well beyond the pace to surpass $1 trillion.
The deficit last fiscal year was about $1.8 trillion.
Billionaire Elon Musk, now an advisor to President-elect Donald Trump, lamented the debt, which is about $36 trillion, on X Monday.
“If we don’t fix the deficit, everything will suffer, including essential spending like DoD, Medicare & Social Security,” Musk said. “It’s not optional.”
CBO did explain that some of the increase is from accounting changes.
From CBO:
The change in the deficit was influenced by the timing of outlays and revenues alike. Outlays in October 2023 were reduced by shifts in the timing of certain federal payments that otherwise would have been due on October 1, 2023, which fell on a Sunday. (Those payments were made in September 2023.) Outlays in November 2024 were boosted by the shift to that month of payments due December 1, 2024, a Saturday. If not for those shifts, the deficit thus far in fiscal year 2025 would have been $541 billion, or $88 billion more than the shortfall at this point last year, and outlays would have been $38 billion more.”
Trump’s administration should do economically to the Biden crime family what the Biden Crime Family did to the economy of hard-working American people. Every which way but loose should be used to defund this family of the ill-gotten gains they purloined while in or out of office and Joe should die broke, left as economically destroyed as he left us when he leaves office. It’s more than past time that “The Big Guy” be cut down to the midget size of his moral and mental capacities and his family finances be resized to match that which they cursed WE THE PEOPLE with. This Presidential power of the pardon needs to be Constitutionally revisited and limited to crimes actually committed, not blanket pardons that cover crimes yet to be found out. It’s called unequal protection under the law when feckless failing fathers who use their son’s as shills can shield them from every crime.
Article I section 9 states “No Title of Nobility shall be granted by the United States”,
Supreme Court needs to weigh in and prohibit Joe from blanket pardoning people who have not even yet been investigated or accused or indicted. Anything Hunter did that he was not yet been indicted nor convicted for cannot be excluded from future indictment and prosecution. Pardons are for people who have been convicted, not personal relations in crimes and co-conspiracies of a corrupt President yet to be revealed.
Unfortunately TILL SOMEONE SUES, a case won’t ever reach the supreme court to rule on..
Again we see that this treasonous, corrupt, puppet president Joe OBiden and his masters in the traitorous Democrat Party have been the most destructive and deadliest enemy of our country. Joe OBidens blanket pardons are just to protect himself from criminal prosecution for the crimes he committed during his time as vice-president.
“Deficit soars as Biden heads out the door”
The soaring deficit is just another Democrat Party’s intentional plan to slowly destroy our U.S.A..
Thank God that WE the PEOPLE have removed the treasonous Democrat Party rule of our country! 🙂 🙂 🙂
Donald Trump admin. has already started to lower the deficit.
PITY WE can’t make them pay for it, OUT OF THEIR OWN bloody bank balance!
Deficit soars as Biden heads out the door
Thank the good Lord he’s heading out the door. And the Cackling Clown was trounced.
Where would we be had she won ?!?
With all the damage that was done, there is no one I would trust more than Pres Trump to see us through this.
Godspeed Mr president !!