(The Center Square) – The U.S. Congressional Budget Office reports that the federal government is borrowing far more this fiscal year than the year before even as inflation continues to rise.
The CBO released its deficit estimate which said the U.S. deficit hit about $1.5 trillion in the first 11 months of this fiscal year.
“Eleven months in, and we have already borrowed $1.5 trillion this fiscal year, compared to $946 billion at the same point last year,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement. “On top of that dismal fiscal news, we still haven’t funded the government past the end of the month – Washington appears to be sticking to its time-honored tradition of governing poorly, and by perpetual crises.”
As The Center Square previously reported, the cost of interest payments on the national debt will surpass the cost of U.S. funding for national defense within a decade. In fact, federal spending projections show that interest payments on the national debt will soon become the federal government’s largest expense.
On top of that, Medicare, Social Security and highways will face insolvency within a decade.
Unless Congress enacts significant changes, the deficit and debt are expected to continue rising.
“The deficit is on track to be double what it was last year after excluding the effects of the President’s overturned student debt cancellation plan,” MacGuineas said. “That is doubly disturbing given that the economy is growing and unemployment remains low; usually the deficit shrinks, not grows, during economic expansions. It’s just another sign of the deteriorating fiscal conditions of the federal budget and the immense challenges we face in turning the tide towards fiscal sustainability.”
The House Subcommittee on Health Care and Financial Services held a hearing this week on the Inflation Reduction Act where Republicans raised concerns about rising deficits, which are helping fuel inflation. Federal debt spending is partially offset by printing money, which increases inflation.
“Not only does the IRA do little to reduce inflation, but it will continue to add to the deficit with rampant spending,” the subcommittee’s Chair Lisa McClain, R-Mich., said during the hearing.
Meanwhile, federal inflation data released this week showed a major spike in prices in August. The U.S. Bureau of Labor Statistics released its Consumer Price Index and Producer Price Index, key markers of inflation, which showed spikes of 0.6% and a 0.7% spike, respectively, much higher than expected.
Those increases bucked the trend of slowing inflation seen earlier this year.
“The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase,” BLS said of its consumer prices. “Also contributing to the August monthly increase was continued advancement in the shelter index, which rose for the 40th consecutive month. The energy index rose 5.6 percent in August as all the major energy component indexes increased. The food index increased 0.2 percent in August, as it did in July.”
This Treasonous, dishonest, destructive, woke, immoral, Socialist Democrat Party’s objective is to deliberately lie, cheat and steal. To disregard the U.S. Constitution and our laws, in order to take total control of the American people by restricting U.S. citizens their constitutional rights and freedoms, including freedom of speech. Stopping oil production, increase Spending, Taxes and the inflation cost of everything and bring American commerce and economy to its knees and to promote Socialism, enforced by their political DOJ, their FBI Gestapo and IRS.
Then access power and retain it by any means available –
No matter the costs to the people, the government or the nation.
This treasonous, destructive, immoral, woke, socialist Democrat Party, their RINOs and their corrupt, demented puppet president Joe Biden has become our country’s most destructive and deadliest ENEMY!
I truly hope that the Republicans shut down the government until the treasonous Democrats control their throwing away our tax dollars.
Ask yourself WHY are we totally supporting 8 million illegal immigrants in our country at a cost of hundreds of Billions of our money?
Ask yourself WHY are we giving hundreds of Billions of dollars of aid to Ukraine, but only $700.00 to those in the U.S. Hawaiian fires who lost everything that they had. EVERYTHING!
When we elect Godless, dishonest, immoral, hateful self-righteous, self-serving political representatives like the corrupt, puppet Joe Biden, Tinkerbell PinocchiObama, the hateful Nancy Pelosi, racist Maxine Waters, Liar Adam Schiff, Chuck Schumer, Camel toe Kamala Harris, Bimbo Alexandria Ocasio-Cortez, Muslim Ilhan Omar, squaw Elizabeth Warren and Ayanna Pressley who intentionally pit one group against another to divide the country and cultivate hate and distrust, you got to ask yourself; what are the motives of these type people? To lead the country into prosperity OR to gain control, stay in power any way possible and to dominate the citizens? No matter the costs to the people, the government or the nation.
Ask the Joe Biden, ( Climate Czar), John Kerry Who just arrived in his private Jet, what he thinks.
In regards to U.A.W. on strick for the forth day, today, it seems that the expression,” Beating a dead horse,” seems approprate. Since the democrat, Socialist, party has “A GREEN EnergY,” Agenda, Electric Cars, Etc.
” If we look at these universal states, not as alien observers but through the eyes of their very own citizens, we shall find that these not only desire that these earthy commonwealths of theirs should live for ever but actually Believe that the immortality of these human institutions is assured, and this sometimes in the teeth of contemporary events which, to an observer posted at a different standpoint in time or space, declare beyond question that this universal state is at that monent in its last agonies.” (A Study Of History-Arnold Toynbee( The Mirage of Immortality
I bet if you check the pockets of senior management at these “Green” companies they have a lot of money. And it’s not going into research or production. No guidelines, no rules, no controls.
I guess they will raise the interest rate again. ?? But has that worked ?? Has anything Biden done has worked?? We need to hold the election for president now.
Correction. HAS ANYTHING ANY democrap ever done, worked?