The latest report by the nonpartisan Congressional Budget Office (CBO) has revealed that President Biden’s administration has already run a near-$1 trillion federal deficit in the first seven months of fiscal year 2023.
The report sheds light on the current state of the federal deficit and has left many Americans concerned about the economic policies of the Biden administration.
The CBO report states that in the first seven months of FY2023 alone, the federal government has accumulated $928,000,000,000. This staggering amount is $568 billion more than the deficit recorded during the same period last year.
According to the CBO, revenues were 10 percent lower and outlays were 8 percent higher from October through April than they were during the same period in fiscal year 2022. The report also highlights that shifts in the timing of certain payments affect this comparison.
Outlays this fiscal year were reduced by the shifting of certain payments totaling $63 billion from October 1, 2022, into fiscal year 2022 because October 1 fell on a weekend.
Also, outlays in the first seven months of fiscal year 2022 were $65 billion higher than they otherwise would have been because several federal payments that were due on May 1, 2022, a Sunday, were paid in April 2022.
If not for those timing shifts, the deficit in the first seven months of fiscal year 2023 would have been $991 billion, compared with a $295 billion shortfall during the same period in 2022—an increase of $696 billion.
This high spending comes at a time when Biden is entering into his 2024 re-election campaign. The economy will likely be a major factor in 2024, as Biden will likely have to face questions on high inflation and other economic issues facing his presidency.
In a new ABC News/Washington Post survey, 54% of American adults believe Trump did a “better job” handling the economy during his administration, compared to 36% who said Biden is handling the economy better.
Biden has repeatedly touted misleading claims on the deficit, even receiving a “bottomless Pinocchios” rating from the Washington Post. He told a group of union workers that in his first two years in office, he “lowered the deficit by a record $1.7 trillion,” a claim that Kessler gave “three Pinocchios” in September.
“Yet he keeps saying it over and over,” Kessler wrote Friday. “By our count, at least 30 times since June, he’s taken credit for reducing the budget deficit by $1.7 trillion.”
It’s time for Americans to wake up to the truth and realize that the Biden administration is leading us down a dangerous path of economic instability. We need to elect leaders who will put America first and prioritize responsible economic policies.
Source Fox News
