Biden Runs $460B Deficit in First Four Months of FY 2023

The federal government ran a $460 billion budget deficit According to Friday’s Treasury Department confirmation, $39 billion was added in January to the deficit during the first four month of fiscal year 2023.

Between October and January, $1.47 trillion was raised in tax revenues by the government. This is 3% less than the revenue that was raised during the same period last fiscal year. According to the Treasury’s monthly report, spending reached $1.9 trillion. This was 9% more than the amount raised in the first four months FY 2022. 

January’s deficit in comparison to December’s budget shortfall of $85 billion was smaller than December’s, which was also lower than the November deficit of $249 billion.  

The Treasury already has the report. “extraordinary measures” To avoid default by the federal government after it reached its $31.4 trillion borrowing limit. The deadline for Congress to reach an agreement with President Biden is June 1, so they can raise the debt limit to ensure that the government continues to pay its bills. 

YELLEN WARNS OF ‘UNSUSTAINABLE’ DEBT LOADS — BUT SHE WASN’T TALKING ABOUT THE US

Biden speaks in the Roosevelt Room about the reduction of the national debt at the White House, Washington, Oct. 21, 2022. (Tom Brenner, Washington Post via Getty Images/Getty Images).

Republicans Want commitments from Biden Democrats believe that the debt limit should not serve as leverage in spending negotiations. They accuse the GOP of trying to reduce Social Security and Medicare. Republicans strongly refute this claim.

The January U.S. Federal Outlays was $486 billion, an increase of 44% over last year. This is a reflection of Biden’s $36 Billion. Central States Pension Fund bailout To protect the pension funds for more 350,000 Teamsters union workers, and retirees.

FEDERAL Deficit UP $200 BillION COMPARED TO THE LAST YEAR ABOVE BIDEN’S REDUCTION CLAIMS

Right, President Biden shakes hands after delivering the State of the Union speech at the U.S. Capitol, Washington, D.C. on Tuesday, February 7, 2023. (Jacquelyn Mart/AP/Bloomberg via Getty Images. Getty Images

Costs of Social Security The total amount of $114 billion, an increase of 12% over last year, rose $12 billion to $114 billion in January. The national debt’s interest payments rose by $8 billion to $51 billion in January. This is an 18% increase.  

“Today’s Treasury numbers confirm that, when it comes to unsustainable borrowing, our nation is quickly reverting to type. In just the first third of the fiscal year, we’ve already borrowed $460 billion, or $3.8 billion per day,” Maya MacGuineas is the president of The Committee for a Responsible Federal Budget. 

FACT CHECKERS CALL THE STATE OF UNION BIDEN ABOUT THE DEFICIT ASP ‘MISLEADING,’ ‘LACKING CONTEXT’

President Biden listens as Brazil President Luiz Inácio Lula da Silva speaks to the press before a bilateral meeting in the Oval Office of the White House on Feb. 10, 2023, in Washington, D.C.  (Anna Moneymaker/Getty Images/Getty Images

“The President recently told the nation in primetime that his forthcoming budget ‘is going to cut the deficit by another $2 trillion.’ We look forward to seeing such a proposal given the nearly $2 trillion in new borrowing approved by Congress and the administration last year alone. If true, such a pivot is urgently needed,” She went on.

MacGuineas indicated that any proposal to lower federal spending should include a “concrete, actionable plan” Save Medicare and Social Security from Insolvency 

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“Members of both parties cheered the exclusion of Social Security and Medicare from any changes. Here are the facts: Such a ‘do-nothing’ plan would see a typical couple retiring in 2035 receiving a $12,000 to $17,000 cut to their Social Security benefits, while payments to hospitals from Medicare will be cut by 10 percent if nothing is done to prevent insolvency by 2028,” MacGuineas stated. “And the longer we wait, the more drastic the changes we will ultimately need to make.”

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