May 09, 2023
Arrington on CBO's Mid Fiscal Year Analysis
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement regarding the Congressional Budget Office's (CBO) monthly budget review for April 2023:“Our nation’s fiscal health is in decline and our deficit spending is unsustainable. The CBO’s mid fiscal year analysis tells the story - Democrats’ reckless spending and failed economic policies are making America’s debt woes go from bad to worse.”
A Few Highlights:
- We have already borrowed 236% more this year than at the same time last year.
- Spending is almost $400 billion higher than this time last year.
- The biggest drivers of this increase in spending and debt are:
- 40% ($107 billion) increase in interest payments; and
- 56% ($48 billion) increase at the Department of Education to fund Biden’s executive action cancelling student loans.
- Inflation has impacted the cost of Medicare and Social Security:
- Medicare spending is up 15% ($61 billion)
- Social Security spending is up 11% ($73 billion)
- The Pension Benefit Guaranty Corporation has spent additional $37 billion because of the bailout for union pensions that Democrats passed in the American Rescue Plan.
- Revenues are down 10%, likely due to higher taxes, regulations, energy costs, and labor shortage.
