Uncle Sam's budget picture just got worse. The Congressional Budget Office on Friday said the federal deficit will reach $1.5 trillion this year -- and that's before factoring in a pretty bad month of April, which saw tax revenue come in significantly...
Congressional Budget Office
Yet if the Supreme Court strikes down President Biden’s student loan forgiveness program, it would count as major savings, likely cutting hundreds of billions of dollars off the deficit.Another area of uncertainty is the government’s borrowing limit, or debt ceiling. The Treasury is bumping up against the $31.4 trillion limit and is using special gimmicks to avoid breaching the line.
Indeed, the CBO said if Treasury can limp along to the middle of June, it could buy itself more than a month of maneuvering space because of tax payments due on June 15 and other borrowing gimmicks.
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