CBO Reports $248 Billion Deficit for November
The United States has borrowed $335 billion in Fiscal Year (FY) 2023, including $248 billion in November, according to the latest Monthly Budget Review from the Congressional Budget Office.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
Today’s deficit figures remind us that federal borrowing remains out of control, with the U.S. already borrowing $6 billion per day in the first two months of the fiscal year.
That trend may get even worse if Washington has its way by the end of the year. A 10-percent-plus boost in appropriations coupled with who knows how much other tax cuts and spending increases would only add more borrowing and more fuel to the inflation fire the Federal Reserve is working to contain. Rather than haggling over how they can run up the nation’s credit card even further, policymakers should instead work step-by-step to put us on a sounder fiscal footing.
The smallest step of all: agreeing not to add any new debt for the rest of the year. That’s three weeks we’re asking our elected leaders to avoid an end-of-year blowout on new spending, tax breaks, and unpaid-for policy extensions and responsibly keep the government’s lights on rather than trading spending increases for further spending increases.
Ultimately, we will need to bring Washington’s borrowing habits under control with a plan for long-term debt reduction and solvency for our major trust funds. If we can make it to New Year’s without adding more to our fiscal burdens, we will know policymakers are serious about trying.
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