{"id":1706656,"date":"2022-10-22T07:33:40","date_gmt":"2022-10-22T11:33:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1706656"},"modified":"2022-10-22T07:49:02","modified_gmt":"2022-10-22T11:49:02","slug":"federal-deficit-tops-1-4-trillion-in-fiscal-year-2022-nearly-50-higher-than-pre-pandemic","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-deficit-tops-1-4-trillion-in-fiscal-year-2022-nearly-50-higher-than-pre-pandemic\/","title":{"rendered":"Federal Deficit Tops $1.4 Trillion in Fiscal Year 2022 &#8211; Nearly 50% Higher Than Pre-Pandemic"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffederal-deficit-tops-1-4-trillion-in-fiscal-year-2022-nearly-50-higher-than-pre-pandemic%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1706656&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/justthenews.com\/sites\/default\/files\/styles\/social_media_share\/public\/2020-03\/GettyImages-51558359.jpg?h=69f2b9d0&#038;itok=Rw1ewidK\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>The Biden administration Friday released its budgetary data for the last month of fiscal year 2022 which showed the U.S. government ran up a roughly $1.4 trillion deficit. That is an average of nearly $120 billion in added debt every month.<\/p>\n<p>Federal debt surpassed $31 trillion earlier this month. The federal debt topped $30 trillion, its own milestone, in January of this year.<\/p>\n<p>In a speech Friday, President Joe Biden touted the deficit reduction from the previous year, down from $2.8 trillion in fiscal year 2021.<\/p>\n<p>\u201cBecause we are making sure corporations pay their fair share, cracking down on billionaire tax cheats and giving Medicare the power to negotiate lower drug prices in the future just getting under way, which lowers one of the biggest costs that government and families have to pay, will reduce the deficit another $250 billion over the next 10 years,\u201d Biden said.<\/p>\n<p>Maya MacGuineas, president of the Committee for a Responsible Federal Budget, though, blasted the announcement saying it was \u201cnothing to celebrate.\u201d Critics also point out that Biden\u2019s planned student loan forgiveness erases significant deficit gains.<\/p>\n<p>\u201cThe entirety of the decline in the deficit between 2021 and 2022 can be attributed to the expiration of temporary COVID relief, not due to a renewed era of fiscal responsibility,\u201d MacGuineas said. \u201cIn fact, the deficit would have been almost $400 billion lower had the Biden Administration not decided to enact an inflationary, costly, and regressive student debt cancellation plan in August.&#8221;<\/p>\n<p>MacGuineas emphasized that the deficit reduction occurred because spending was much higher the previous year because of the flood of COVID-era stimulus spending.<\/p>\n<p>The pre-COVID deficit in fiscal year 2019 came in below $1 trillion.<\/p>\n<p>MacGuineas and other critics have placed the blame for soaring inflation at the feet of recent large spending bills.<\/p>\n<p>\u201cDespite claims of \u2018historic deficit reduction,\u2019 lawmakers and the President have approved nearly $5 trillion of new borrowing over the last two years,\u201d she said. \u201cIt should be no surprise that the Federal Reserve is having a hard time getting inflation under control when fiscal policymakers keep making their job even harder with more borrowing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration Friday released its budgetary data for the last month of fiscal year 2022 which showed the U.S. government ran up a roughly $1.4 trillion deficit. That is<\/p>\n","protected":false},"author":1,"featured_media":1706659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1706656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1706656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1706656"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1706656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1706659"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1706656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1706656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1706656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}