{"id":2075731,"date":"2023-10-22T11:03:03","date_gmt":"2023-10-22T15:03:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-did-the-federal-budget-deficit-double-in-just-one-year-under-biden\/"},"modified":"2023-10-22T11:07:11","modified_gmt":"2023-10-22T15:07:11","slug":"fact-check-did-the-federal-budget-deficit-double-in-just-one-year-under-biden","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-did-the-federal-budget-deficit-double-in-just-one-year-under-biden\/","title":{"rendered":"Fact Check: Has the Federal Budget Deficit Doubled in One Year Under Biden?"},"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\">26<\/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%2Ffact-check-did-the-federal-budget-deficit-double-in-just-one-year-under-biden%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=2075731&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--><h2>A New Report Reveals a Staggering\u2062 Increase in the Federal\u2062 Deficit<\/h2>\n<p>A recent report has shown that the federal deficit has \u200cskyrocketed over the past year, but the \u2064extent of this increase depends on how the numbers are crunched.<\/p>\n<p>When CNN delved\u200b into the math,\u2063 it started with a fiscal 2023 budget deficit of \u200d$1.7 trillion, based\u200d on figures\u2064 from the Treasury Department \u2064for the\u2064 fiscal year \u200dthat ended on September 30.<\/p>\n<p>However, this figure relies on\u200d some intriguing deficit calculations.<\/p>\n<p>The Treasury \u2062Department listed the official fiscal 2022 deficit as $1.4 trillion, including the impact of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ocasio-cortez-fires-back-after-biden-rejects-proposal-to-cancel-50k-in-student-loan-debt\/\" title=\"Ocasio-Cortez Fires Back After Biden Rejects Proposal To Cancel K In Student Loan Debt\">student loan forgiveness program<\/a> that was rejected by the U.S. Supreme Court.<\/p>\n<p>Without \u200cfactoring \u200din the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/education-secretary-tells-students-with-loans-to-pay-what-you-can-afford\/\" title=\"Education Secretary advises students with loans to make payments based on their affordability.\">student \u200bloan forgiveness program<\/a>, the deficit for 2022 was approximately $1 trillion, according to CNN.<\/p>\n<p>The Treasury then took the $400\u2063 million \u2064from the student loans\u2064 that were never canceled and applied it to 2023,\u2064 resulting in a decrease in the 2023 deficit to $1.7 trillion. As a result,\u200c the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-did-the-federal-budget-deficit-double-in-just-one-year-under-biden\/\" title=\"Fact Check: Has the Federal Budget Deficit Doubled in One Year Under Biden?\">annual budget deficit doubled<\/a> from around $1 trillion to about $2.1 trillion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The\u200c deficit explodes to 1.7 trillion higher then projected. Bidenomics is crushing our economy, the \u2064working class, private business \u2062and \u200ddestroying \u200dthe American dollar! Every thing \u2063the man touches turns to ! <a href=\"https:\/\/t.co\/aVHpCzAbhh\">https:\/\/t.co\/aVHpCzAbhh<\/a><\/p>\n<p>\u2014 Brooklyn (@FlorabamaB) <a href=\"https:\/\/twitter.com\/FlorabamaB\/status\/1715558247547949277?\">October 21, 2023<\/a><\/p>\n<\/blockquote>\n<p>Maya MacGuineas, president \u2064of the\u200b Committee\u200b for a Responsible \u200bFederal Budget, stated, &#8220;We are a nation addicted\u200b to debt. With the economy growing and unemployment near record lows, this was\u2063 the time to instill fiscal responsibility and reduce\u200c our deficits.&#8221;<\/p>\n<p>The nation&#8217;s substantial debt \u2063burden will become even more expensive in the coming years as \u2062interest\u200c payments rise, according\u200c to a report from the\u2062 Treasury Department.<\/p>\n<p>Michael Peterson, \u2063CEO of\u2062 the Peter G. Peterson Foundation, emphasized that debt is consuming a significant portion\u2062 of tax revenue.<\/p>\n<p>&#8220;Interest costs rose almost 40 percent last year, and soon we&#8217;ll spend more on \u2064interest than we do on national defense,&#8221; he \u200csaid.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Our budget deficit is $1.7\u2063 TRILLION.<\/p>\n<p>Congress must \u2064stop its reckless spending sprees, address unauthorized federal programs, and cut down on massive waste, \u2063fraud, and abuse if we are ever going to\u200b save this country from\u200d eventual default. <a href=\"https:\/\/t.co\/7cFa4XNvyn\">https:\/\/t.co\/7cFa4XNvyn<\/a><\/p>\n<p>\u2014 Rep. Ken Buck (@RepKenBuck) <a href=\"https:\/\/twitter.com\/RepKenBuck\/status\/1713947911753797969?\">October\u200d 16, 2023<\/a><\/p>\n<\/blockquote>\n<p>Bernard Yaros, lead U.S. economist for Oxford \u2064Economics, pointed out\u2062 that the deficit was indirectly affected by inflation through an 8.7\u2064 percent cost of living adjustment for Social Security recipients. He also noted that entitlements \u2062account\u200b for a quarter of all spending.<\/p>\n<p>The 2023 deficit pushed\u200b the national\u200d debt over $33 trillion, as reported by The New York Times.<\/p>\n<p>The Congressional Budget Office\u200d predicts that by 2053,\u2064 federal government\u2063 debt held \u200dby the public will\u200c reach 177 percent of \u2062the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-official-trump-crushes-record-for-largest-gdp-increase-in-us-history-3rd-quarter-gdp-up-33-1\/\" title=\"IT'S OFFICIAL: Trump Crushes Record for Largest GDP Increase in US History -- 3rd Quarter GDP Up 33.1%\">gross domestic product<\/a>.<\/p>\n<p>&#8220;I believe we&#8217;ve reached a defining moment \u2014 our fiscal affairs are completely off track,&#8221; said Kent Conrad, a senior fellow \u2064at the Bipartisan Policy Center. &#8220;Rising deficits and debt are an economic and a national security concern.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Don&#8217;t see many mainstream headlines on it but \u2026<\/p>\n<p>National debt just \u2064hit \u2063$100,000 per person &#038; budget \u2063deficit has basically *doubled* in a year. It&#8217;s \u200cnow a stunning $2 trillion dollars.<\/p>\n<p>Because interest rates are also rising, we could \u2064soon\u2064 be paying one\u2064 TRILLION \u200cper year in\u2026<\/p>\n<p>\u2014 Brian Sullivan (@SullyCNBC) <a href=\"https:\/\/twitter.com\/SullyCNBC\/status\/1715489726214381748?\">October 20, 2023<\/a><\/p>\n<\/blockquote>\n<p>Republican \u2064Rep. Jodey Arrington\u2063 of Texas, chair of the House Budget Committee, stressed that something needs \u2064to change.<\/p>\n<p>&#8220;It&#8217;s\u2062 the mandatory spending and the entitlement programs that are really driving\u200b the debt,\u2063 and \u2063if we don&#8217;t address them,\u200d we&#8217;ll truly bankrupt this country,&#8221; \u200che \u2063warned.<\/p>\n<hr>\n<div class=\"author_subscription_pitch\">.author_subscription_pitch p{margin:5px;}<\/p>\n<p><em><b>A Note from Our Founder:<\/b><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Silicon Valley and the Big Tech \u2063tyrants \u200chave done everything they can to put The Western Journal out of business. Our<\/span><a href=\"https:\/\/www.westernjournal.com\/join-monthly\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"> <span style=\"font-weight: 400\">faithful subscribers<\/span><\/a><span style=\"font-weight: 400\">  have kept us going.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">If you&#8217;ve never\u2063 chosen to subscribe, let me be honest:<\/span><a href=\"https:\/\/www.westernjournal.com\/join-monthly\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"> <span style=\"font-weight: 400\">We need your help today<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">I also want to send you \u2064an autographed copy of &#8220;Counterpunch,&#8221; which will\u200c give you a plan to fight back for our beloved country.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><a href=\"https:\/\/www.westernjournal.com\/join-monthly\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><b>Subscribe right now<\/b><\/a><span style=\"font-weight: 400\">  \u2013 The Western Journal stands for truth in this difficult time.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\"> <\/span><\/em><\/p>\n<p><em><b>Please \u2062stand with us by subscribing today.<\/b><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Floyd G. Brown<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">Founder of The Western Journal<\/span><\/em><\/p>\n<\/div>\n<p>The post\u2064 <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/fact-check-federal-budget-deficit-double-just-one-year-biden\/\">Fact Check: Did the Federal Budget Deficit Double in Just One Year Under Biden?<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n<p> <\/p>\n<h2> What steps can be taken to mitigate the long-term \u2064consequences of the current fiscal\u200d trajectory, such as the projected increase in federal government debt by 2053?<\/h2>\n<p><span>  Yle=&#8221;font-weight: 400&#8243;>As you know, we are living in \u2064unprecedented \u200dtimes. Our country is facing immense challenges, and the recent\u2063 report revealing a staggering\u2063 increase in\u2062 the federal deficit is a \u2062cause for concern.\u200b The numbers are\u200b alarming, and they demand our attention.<\/p>\n<p>According to the report, the federal deficit has skyrocketed\u200c over the past year. However, the extent of this increase depends \u2064on how the numbers are calculated. CNN&#8217;s analysis shows that the fiscal 2023 budget deficit stands at $1.7 trillion, based on figures from the Treasury\u2064 Department for the fiscal year that ended on September \u200c30.<\/p>\n<p>It is essential to note that this figure includes the impact of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-names-ed-siskel-as-white-house-counsel-amid-investigations\/\" title=\"Biden appoints Ed Siskel as White House counsel amidst probes.\">student loan forgiveness\u200c program<\/a>, which was rejected\u2063 by the U.S. Supreme Court. Without factoring in the student loan forgiveness program, the deficit for 2022\u2062 was\u200b approximately $1 trillion. The Treasury Department then took the $400 million from the student loans that\u2064 were never canceled\u200b and applied it \u2064to 2023, resulting in\u200b a \u200bdecrease in the 2023 deficit to $1.7 \u200ctrillion. As a result, the\u2064 annual budget deficit doubled from around\u200c $1 trillion to about\u2064 $2.1 trillion.<\/p>\n<p>These numbers have sparked a fierce debate about the state of our economy and the impact of our current policies. Critics argue that\u200d the Biden administration&#8217;s economic agenda, often referred to as\u200c Bidenomics, is crushing our economy, the\u2062 working class, private businesses, \u200band \u2062destroying the American dollar. They argue that the deficit explosion is clear evidence of \u200dthe need for fiscal responsibility and a reduction in our deficits.<\/p>\n<p>Leading \u200deconomists and experts also express \u2062their concerns regarding the nation&#8217;s debt burden. With interest payments rising, the substantial debt will become even more expensive \u2062in the coming years. Michael Peterson, CEO of the Peter G. Peterson\u200c Foundation, highlights that interest costs rose almost 40 percent last year, and soon we&#8217;ll spend more on interest than\u2063 we do on national defense. \u2063These alarming figures underscore \u2063the need for swift action to address the growing debt.<\/p>\n<p>The report also sheds light on the long-term consequences of our current fiscal trajectory. The \u2064Congressional Budget Office predicts that by 2053, federal government debt held by the public will reach \u2064177 percent of\u200d the gross \u200bdomestic product. This projection is deeply \u200cconcerning and demands immediate attention\u200c from\u2063 policymakers.<\/p>\n<p>While there\u200c are differing opinions on the causes and \u2062solutions to this issue, \u2064one thing remains clear: we are at a defining moment. Our fiscal affairs are off track, \u2063and\u2063 rising deficits and debt pose significant economic and national security concerns. Kent Conrad, \u2064a senior fellow at the \u2063Bipartisan Policy Center, emphasizes the \u2063urgent need for action, stating, \u2063&#8221;I\u200b believe we&#8217;ve \u200dreached a defining moment &#8211; our\u2063 fiscal affairs are completely off track. \u2062Rising \u200cdeficits and debt are an economic\u200d and a national security\u200d concern.&#8221;<\/p>\n<p>Amidst these alarming figures and grave concerns, there<\/p>\n","protected":false},"excerpt":{"rendered":"<p>year ending September 30, 2023. However, the Congressional Budget Office (CBO) projected a lower deficit of $1.2 trillion for the same period. The discrepancy arises from different methodologies used by the Treasury Department and the CBO, highlighting the subjective nature of deficit calculations.<\/p>\n","protected":false},"author":661,"featured_media":2075732,"comment_status":"open","ping_status":"closed","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":[548],"tags":[],"class_list":["post-2075731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"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\/2075731","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\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2075731"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2075731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2075732"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2075731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2075731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2075731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}