CBO Reports $459 Billion Deficit for the First 4 Months of the Fiscal Year
The United States borrowed $459 billion in the first four months of fiscal year 2023, including $38 billion in January, 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 make it clear: the state of our union is unsustainable borrowing. In the first four months of the fiscal year, we borrowed $459 billion, or $3.7 billion per day, at a moment when inflation remains very high and the national debt is nearing record levels.
As policymakers take stock of how our country is faring and begin the important task of preventing us from defaulting on our obligations, they should take note of the rapid pace of borrowing we are engaging in. Even as we have recovered from the pandemic and recession, our structural borrowing is indefensibly high.
In 2022, Congress and the President approved legislation providing for nearly $2 trillion in new borrowing on a bipartisan basis. In 2023, they should hit the brakes, turn around, and put our nation’s finances back onto the road towards fiscal sustainability.
Grappling with our fiscal challenges is a tremendous task, even in the best of times. To make any meaningful progress, Congress and the President should work together to pivot toward a stronger, more responsible federal budget.
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