The U.S. government’s budget deficit surged in May from the same time a year ago, as federal revenues declined and Medicare spending soared, new Treasury Department data revealed. According to the Monthly Treasury Statement, the May shortfall surged to $240 billion, up from $66 billion a year earlier. The consensus estimate was a $236 billion…
US Budget Deficit Soars in May After Jump in Spending, Drop in Revenues
Radical Solutions Needed to Avert Future National Debt Disaster
Commentary I don’t know when the debt ceiling will be raised, but it will be raised. Every time federal spending bumps up against the debt ceiling, we witness the same drama, a drama so predictable that you could almost call it a ritual: Republicans, citing a need for fiscal restraint, demand some cuts to federal…
California Lawmakers Forced to Kill 300 Bills in One Day, Some Climate Bills, in Budget Dilemma
May 22, 2023
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budget deficitCaliforniaCalifornia legislatureGavin NewsomNorthern CaliforniaPolicies & ImpactsPoliticsRegional & State NewsSouthern CaliforniaState NewsUSUS News
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Approximately 300 bills failed to pass California’s Assembly and Senate Appropriations Committees on May 18, with lawmakers potentially eyeing the state’s $31.5 billion deficit in failing to advance the legislation, following Gov. Gavin Newsom’s May budget revision announced a week before. The bills were part of what is known as a suspense hearing, with the…
Default Can Be Avoided in July If Treasury Can Weather June Cash Crunch: CBO
The U.S. government could avoid defaulting on its debt through July if the Treasury Department can receive enough revenue in June, according to the Congressional Budget Office (CBO). The agency stated in its updated guidance that if the government can collect enough tax revenue and the Treasury continues employing its extraordinary measures, it “will probably allow…
US Budget Deficit Up 77 Percent Over Last Year
The United States accumulated a deficit of $459 billion in the first third of fiscal year 2023, an increase of 77 percent over the previous year. The finding was reported by the Congressional Budget Office (CBO) on Feb. 8. The deficit would have been even higher if Oct. 1, 2022, the first day of fiscal year…
Biden Administration Added $4.8 Trillion to Deficits: Budget Watchdog
A new report by the Committee for a Responsible Federal Budget (CRFB) estimates that the policies the Biden administration implemented through executive actions and legislative efforts will add about $4.8 trillion to deficits between 2021 and 2023. Even if the American Rescue Plan (ARP) were removed from the equation, the White House would still have…
Ford Government Will Outspend Previous Liberal Government, Study Shows
The Ontario government led by Premier Doug Ford will end up outspending its Liberal predecessor Kathleen Wynne, and increase provincial debt despite its pre-election promises to cut spending, balance the budget, and shrink government debt, a new study shows. “When in opposition, the PCs (Progressive Conservatives) frequently criticized the Liberal government’s spending, but now the…
Inflation Reduction Act Will Add to Deficit for First Six Years: CBO
August 4, 2022
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budget deficitBusiness & Marketseconomyhigh inflationinflationInflation Reduction ActstagflationUSUS NewsUS Sen. Joe Manchin
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A recent report by the Congressional Budget Office (CBO) shows that Senate Democrats’ proposed Inflation Reduction Act will raise the budget deficit within the next six years. In the 10-year period between 2022 and 2031, the Inflation Reduction Act is calculated to reduce the budget deficit by $101.5 billion, according to the CBO report published…
Fix for ‘Eyepopping’ Inflation Is Slashing Government Deficit, Budget Watchdog Says
July 18, 2022
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budget deficitBusiness & MarketsCongressional Budget Officeeconomic policieseconomic recessioneconomyFederal budget deficithigh inflationinflationUS
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Cutting down the government’s budget is the best way to deal with out-of-control inflation, according to Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB). Annual inflation hit 9.1 percent in June, which is a new four-decade high. Calling inflation numbers “eyepopping,” MacGuineas said that taming it should be a “top national…
Higher Interest Rates May Add to National Debt Crisis
June 15, 2022
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Will higher interest rates add to the U.S. government’s fiscal troubles? With the U.S. annual inflation rate at a four-decade high of 8.6 percent, the Federal Reserve is accelerating its monetary policy tightening by aggressively raising interest rates. The Federal Open Market Committee (FOMC) pulled the trigger on a 75-basis-point rate hike Wednesday and the…
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