CBO says federal deficit will reach $1.7 trillion this year, third worst in history

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(Worthy News) – The Congressional Budget Office revised its projections Tuesday, saying it now expects the federal government to run a $1.7 trillion deficit this year as inflation hits Uncle Sam hard.

Just a few months ago, CBO said the deficit would be $1.5 trillion this year. But the government is still struggling to collect anticipated revenue even as spending rages unchecked, splashing even more red ink across the budget for fiscal year 2023.

The grim new projection comes even though the government got a windfall with the Supreme Court’s ruling in June invalidating President Biden’s broad student loan forgiveness scheme. That will add hundreds of billions of dollars back onto the government’s balance sheet. [ Source: Washington Times (Read More…) ]

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