IT JUST GETS WORSE: Spending is High, Interest Costs are Soaring, The Debt is Ballooning, According to New CBO Report
This afternoon, the non-partisan Congressional Budget Office (CBO) released the monthly budget review for September 2023. According to the report, spending levels are higher than last year and revenues are lower, meaning substantial growth of the national debt. Some key number breakdowns include:
- National Debt: $33.5 trillion
- FY23 Deficit: $1.7 trillion ($314 billion – or 23 percent – higher than last year)
CBO further estimates that if the Administration’s plan for student loan cancellations, which was blocked by the Supreme Court, was excluded from both years, the 2023 deficit would be $2 trillion--$1.1 trillion larger than last year.
Other Items of Interest:
- Interest payments on the debt increased by $177 billion or 33 percent.
- Medicare spending increased by $126 billion or 18 percent.
- Medicaid spending increased by $24 billion or 4 percent.
- Pension Benefit Guaranty Corporation spending increased by $38 billion.
- FDIC spending amounted to $92 billion as the agency dealt with bank failures—an increase of $101 billion.
What This Means
Let’s be clear about the danger America is facing. Our unprecedented, almost incomprehensible, $33.5 trillion national debt has eclipsed the size of our economy. Every person in America today owes more than $100,000. We are forced to borrow over $75,000 every second just to cover our expenses. Our budget deficit of $1.7 trillion shows how this burden grows every year.
If we continue this unsustainable level of tax-and-spend, and the national debt continues to balloon before our eyes, our families, our economy, and our country is facing potentially irreparable damage.
Families will be decimated by record-high inflation and access to capital. Today, the average family of four today is paying $14,700 per year or $1,224 more per month to purchase the same goods and services compared to the day President Biden took office.
Job creators and local economies will be wiped out. As crushing inflation takes a stranglehold to local businesses, it will become impossible for them to create meaningful jobs for their neighbors and do good within the communities they serve.
America’s national security and global leadership will be eroded by an impending sovereign debt crisis. A weaker dollar undercuts our trading abilities. Out-of-control spending crowds out defense spending for our military and border security. As American leadership erodes, our enemies such as China and Russia will be emboldened to march towards global supremacy.
The Bottom Line: The CBO report is staggering given what this can mean for our people and our nation. We must reverse the curse by stopping the reckless spending, restoring economic freedom, and unleashing prosperity in America once again.
