From WSJopinion: While President Biden boasts of cutting the deficit, CBO reports it has doubled in the first four months of this fiscal year
Wonder Land: Joe Biden says House Republicans are ‘fiscally demented.’ There must be a word for the mega-trillions he’s spent in two years. Images: AFP/Getty Images Composite: Mark KellyPresident Biden boasted during his State of the Union address about cutting the deficit by a record $1.7 trillion.
CBO reports that the budget deficit from October through January swelled to $522 billion from $259 billion in the same period last year after adjusting for a timing shift in payments. Receipts are tracking $43 billion lower than last year, mostly owing to reduced individual income taxes, while spending is running $220 billion higher.
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