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.

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