Ian Patrick, FISM News
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Whoever said you need to spend money to make money clearly never worked in the federal government.
According to a monthly budget estimate released by the Congressional Budget Office (CBO), the federal budget deficit was $1.1 trillion in the first half of fiscal year 2023. This amounts to $430 billion more than the same time period last year.
“Outlays were 13 percent higher and revenues were 3 percent lower from October through March than during the same period in fiscal year 2022,” CBO writes.
Reflecting on this recent report, the Committee for a Responsible Federal Budget released a statement calling for better action from lawmakers. Penned by Committee President Maya MacGuineas, the statement says that CBO’s report shows the government was spending “$6 billion per day.”
“Our fiscal challenges will only become more difficult the longer we wait to do anything,” MacGuineas writes.
In just five years, the national debt will surpass its record as a share of the economy – set just after World War II, when we had no choice but to borrow to win the war. However, we’re in no such emergency now. It’s long past time that policymakers figure out a way to sustainably finance their priorities, not just add the costs to the national credit card.
MacGuineas says a lack of action will result in a $3 trillion deficit, something she says is “plainly unacceptable” outside of a national emergency.
This news comes during the week that the deadline for a federal budget is due. By April 15, Congress is supposed to have a completed budget passed and ready to implement.
However, for the past two decades, the legislative body has been unable to compromise on federal spending. This has led to passing continuing resolutions in place of a written budget, something MacGuineas says shows “how broken our budget process has become.”
The news also comes during critical talks on the nation’s debt ceiling, as Republicans and Democrats spar over whether to allow the government more or less borrowing ability.