CBO Projects Record $1.9 Trillion Deficit as Biden Spending Soars

The Congressional Budget Office has just dropped a bombshell on America’s fiscal future—projecting a staggering $1.9 trillion federal budget deficit for fiscal year 2024. That’s right folks, an increase of about $400 billion from its earlier February estimate. The reason for this record-breaking shortfall? Spiraling new spending programs, courtesy of none other than the Biden administration and its merry band of free-spending Democrats.

One of the major holes in the taxpayer wallet is the hefty $95 billion defense appropriations for wars overseas in Ukraine and Israel, along with preparing our allies in the Indo-Pacific. But wait, the financial sinkholes don’t stop there. Biden’s generous push to forgive more student debt has slapped on an additional $145 billion price tag. And let’s not overlook the federal government coming up $70 billion short in recovering funds from bank failures. Yep, it’s a spending spree like no other.

The federal Medicaid budget swelled by an extra $50 billion, and discretionary spending programs added another $60 billion in costs. It’s clear this administration is dishing out dollars like Monopoly money while expecting hard-working Americans to foot the bill. And all this happens while the White House Correspondents’ Association finds time to clash with Biden overseas.

Meanwhile, the ticking time bomb is the national debt’s interest payments, which have skyrocketed to become the largest line item in the federal budget. Social Security payments are now being dwarfed by the $1.2 trillion in interest payments the government is on pace to accumulate over the next 12 months. If you think that’s bad, buckle up: more debt means more interest payments, compounding the economic nightmare.

The Committee for a Responsible Federal Budget revealed that interest payments for fiscal 2024 would surpass national defense spending. The debt’s interest costs are set to overtake Medicare spending and run neck and neck with Social Security. This isn’t just fiscal irresponsibility—it’s economic sabotage.

The elephant in the room here is the unrelenting eruption of spending under Biden and his Democratic allies. From the virtually unsupported $1.9 trillion American Rescue Plan to the trillion-dollar infrastructure boondoggle and the Inflation Reduction Act—which turned out to be a green energy giveaway—this administration has committed taxpayers to pay for decades of unchecked fiscal gluttony. Bidenomics, anyone?

So here we are, with the Federal Reserve playing catch-up by hiking interest rates to combat the highest inflation in 50 years, driven by unprecedented deficit spending. Economists, left and right, can see the danger. The writing is on the wall, and it spells disaster for American taxpayers unless politicians wise up and take meaningful action to rein in this runaway train.

This administration is like a teenager with a stolen credit card: living large now, oblivious to the bill that’s coming due. And Americans will be the ones left holding the bag once the party ends.

Written by Staff Reports

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