According to an analysis released on Tuesday by the Committee for a Responsible Federal Budget, the U.S. government's budget deficit for the 2023 fiscal year, which ended last month, reached a staggering $1.7 trillion. The nation's monthly deficit for September alone stood at $166 billion, raising concerns as Congress engages in debates over an appropriations bill for 2024. To avoid a government shutdown, lawmakers face a critical deadline of November 17.
Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, remarked that the deficit, after experiencing a decline in recent years due to the pandemic's end, is now on an upward trajectory. Excluding the President's now-overturned student debt cancellation and timing shifts, the deficit in 2023 more than doubled compared to the previous year.
"As deficits double, interest rates surge, major trust funds approach depletion within a decade, and new security threats emerge, all the indicators are suggesting that it is high time to address our mounting debt," MacGuineas emphasized.
In addition to the alarming deficit, the national debt has soared to a record $33.5 trillion, based on the latest data from the U.S. Treasury. This significant increase raises concerns about the long-term fiscal stability of the nation.
The analysis crystallizes the urgency to address the mounting debt crisis while balancing various priorities in an informed and strategic manner.
Are they crazy or just lost their minds?
One word……….bidenomics