The nonpartisan Congressional Budget Office (CBO) has released its latest report on the federal deficit, revealing that President Biden’s administration has run a near-$1 trillion federal deficit in the first seven months of fiscal year 2023.
This has left many Americans concerned about the economic policies of the Biden administration.
The CBO report states that in the first seven months of FY2023 alone, the federal government has accumulated $928,000,000,000. This staggering amount is $568 billion more than the deficit recorded during the same period last year. The report highlights that shifts in the timing of certain payments affect this comparison.
The CBO report also shows that revenues were 10% lower, and outlays were 8% higher from October through April than they were during the same period in fiscal year 2022. The high spending numbers come as Biden enters into his 2024 re-election campaign.
The economy will likely be a major factor in the 2024 election, and Biden will have to face questions on high inflation and other economic issues facing his presidency.
In a new ABC News/Washington Post survey, 54% of American adults believe Trump did a “better job” handling the economy during his administration, compared to 36% who said Biden is handling the economy better.
It’s time for Americans to wake up to the truth and realize that the Biden administration is leading us down a dangerous path of economic instability. We need to elect leaders who will put America first and prioritize responsible economic policies.
Source Fox News