Fri Sep 8, 2023 – 12:14 pm EDT
(American Thinker) — Here’s news that will assure more Bidenflation than we will know what to do with.
According to The Hill:
The U.S. deficit is projected to roughly double this year, largely due to higher interest rates and lower tax revenue.
The Committee for a Responsible Federal Budget, an organization that pushes for lowering the deficit, is projecting the federal deficit will double this year to total about $2 trillion for the fiscal year that ends Sept. 30. Marc Goldwein, senior policy director at the organization, told The Hill that high interest rates, lower tax revenues and high inflation resulting in higher Social Security and Medicare costs have all contributed to the rising deficit.
‘A big part of the story is just that there was sort of a one-time huge revenue surge in 2022 that’s done,’ Goldwein said. ‘But the other stories are that we have structurally deficits really rising in 2023. And that’s a lot of that is because of interest costs.’
‘These things add up,’ he added. ‘It’s no one thing that’s causing us to go from $1 trillion to $2 trillion. It’s like six things.’
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