By Tom Gantter (The Center Square)
So far in fiscal 2024, the federal government must borrow about $5 billion a day.
Congressional Budget Office explain On Thursday, the federal budget deficit for the first 10 months of fiscal 2024, covering October to July, was $1.5 trillion.
The Congressional Budget Office said the deficit in the first 10 months of fiscal year 2024 was $1.5 trillion, a $103 billion decrease from the deficit recorded during the same period in the previous fiscal year.
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Federal budget agencies project the deficit will reach $2 trillion in 2024. The deficit for fiscal year 2023 is $1.7 trillion. But the Congressional Budget Office said the difference in deficits over the years could be due to budget “timing shifts.”
“Fiscal year 2024 is coming to an end, and while much of the country is focused on the momentum of the White House race, beneath the surface, our nation’s fiscal health continues to deteriorate,” said U.S. Treasury Secretary Maya McInnes. MacGuineas said. “Our total debt is just over $35 trillion, and today’s CBO forecast estimates we borrowed another $242 billion in July, or $5 billion a day this fiscal year. Our fiscal trajectory cannot be on autopilot—the risks are too high , the consequences are too serious to allow our national debt to rise forever.
The Peter G. Peterson Foundation, founded by Peter G. Peterson, President Richard Nixon’s former commerce secretary, tracked the U.S. national debt to $35.08 trillion as of August 8, or $104,193 per person.
“Historically, our largest deficits have been caused by increased spending resulting from major wars or national emergencies like the Great Depression,” the foundation says on its website. “Today, our deficits are driven largely by predictable Structural factors are to blame: aging baby boomers, rising health care costs and a tax system that doesn’t bring in enough money to pay for what governments promise citizens.”
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Think tank “Accounting Truth” presents the true picture of the country’s economy debt If unfunded Social Security and Medicare commitments are included, the figure is closer to $156.8 trillion.
Co-organized with permission from Center Square.
