CBO: $838 Billion Deficit in Final Four Months of Biden-Harris Admin
WASHINGTON, D.C. – Today, the nonpartisan Congressional Budget Office (CBO) released the January 2025 Monthly Budget Review which revealed that the federal budget deficit totaled $838 billion in the first four months of fiscal year 2025 (October-January). That amount is $306 billion more than the deficit recorded during the same period last fiscal year.
House Budget Committee Chairman Jodey Arrington (R-Texas) released the following statement on the CBO’s findings:
"In the final four months of the Biden-Harris administration, the federal budget deficit totaled $838 billion. That’s $306 billion more than the deficit recorded during the same period last fiscal year. Out-of-control deficit spending and unsustainable debt is the greatest long-term threat to our country and our children’s future. It would be exceedingly reckless to ignore our dire fiscal reality and fail to reduce the massive amounts of wasteful and unnecessary spending that’s driving it."
Our nation’s indebtedness is at world-war levels. The annual deficit is larger than our entire discretionary budget, and interest costs exceeds what we spend on national defense. Now is the time to fix it.
Read Chairman Arrington’s op-ed in the Wall Street Journal on the national debt and fiscal risks of surging interest costs HERE.
