KAMALANOMICS IS FAILING: New CBO Report Shows Record High Spending, Interest Costs
WASHINGTON, D.C. – Today, the non-partisan Congressional Budget Office (CBO) released its final monthly budget review for the fiscal year 2024. This report underscores the economic hardship incurred underneath the Biden-Harris Administration has resulted in the third highest deficit in American history. According to the report, both revenues and spending are higher than last year. However, the gap between the two has widened, substantially growing our national debt. Some key number breakdowns include:
- National Debt: $35.7 trillion
- FY24 Deficit: $1.8 trillion ($139 billion – or 8 percent – higher than last year)
Other Items of Interest:
- Interest payments on the debt increased to $950 billion or 34 percent.
- Medicare spending increased by $78 billion or 9 percent.
- Social Security spending increased by $107 billion or 8 percent.
Chairman Arrington's Statement on CBO's Report:
House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on the CBO report:
“Today’s report by the Congressional Budget Office confirms that the Biden-Harris Administration has grown the deficit by $1.8 trillion this year.
The Biden-Harris agenda of unbridled spending and record inflation has pushed our nation further along a completely unsustainable path.
To make matters worse, interest payments on the debt have soared to $950 billion, an increase of 34 percent.
Unless Congress gets serious about reining in federal spending, we will be leaving the next generation of Americans with a weaker economy and declining nation.”
What This Means:
Let’s be clear about the danger America is facing. Our unprecedented, almost incomprehensible, $35.7 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 $70,000 every second just to cover our expenses. Our budget deficit of $1.8 trillion – the third-largest in American history, and the largest non-COVID deficit – 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 faces potentially irreparable damage.
When an earth-shaking crisis ends, things are supposed to return to their pre-crisis normal. But that is not the case here. Three years after the COVID pandemic ended, there was no sign of the crisis level of spending subsiding. Spending rose by an astounding $617 billion or 10 percent last year.
This is not a revenue problem. Revenues rose by $479 billion or 11 percent higher than last year. Prudent policies make a difference. Medicaid – where spending was essentially flat – only increased by $4 billion or 1 percent. The relatively low increase is due to the elimination of the COVID-era “continuous-enrollment requirement.”
More from the House Budget Committee:
Read Chairman Arrington’s statement on the Biden-Harris Administration spending more than $16 billion on Medicaid services for illegal immigrants HERE.
Read more about the sharp decline in consumer confidence HERE.
Read more about how interest payments on our national debt have skyrocketed by 153 percent during President Biden’s term HERE.
