December Deficit Tops $82 Billion
The United States borrowed $82 billion in December, making the total for fiscal year 2023 so far $418 billion according to the latest Monthly Budget Review from the Congressional Budget Office. December also closes out calendar year 2022 with $1.4 trillion in deficits.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
In calendar year 2022, we borrowed a total of $1.4 trillion, or $10,808 for every American household, nearly $4 billion per day, and more than we even spent on Social Security, the largest federal program. This is not a pretty picture no matter how you look at it.
There are times to borrow – like during a pandemic or major recession – and there are times where we should ratchet down the borrowing, like now when the economy is strong and inflation is hot.
We need a fresh start in 2023 for how we budget, spend, and borrow. Members of Congress who are serious about the fiscal health of the nation should commit to passing a budget, not engaging in new borrowing, and coming up with a reasonable package of savings to help bring our debt down.
Members of Congress who do not follow a sensible fiscal plan should explain why they believe continuing to borrow during a time of such high debt levels and economic expansion serves the nation’s interests or if they are merely focusing on their own political interests at the expense of the nation’s fiscal strength.
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