{"id":2272858,"date":"2024-06-20T17:44:01","date_gmt":"2024-06-20T21:44:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-student-debt-cancellation-a-main-cause-of-400b-increase-in-24-deficit\/"},"modified":"2024-06-20T17:46:48","modified_gmt":"2024-06-20T21:46:48","slug":"bidens-student-debt-cancellation-a-main-cause-of-400b-increase-in-24-deficit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-student-debt-cancellation-a-main-cause-of-400b-increase-in-24-deficit\/","title":{"rendered":"Biden&#8217;s student debt forgiveness major factor in $400B rise in 2024 deficit"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/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%2Fbidens-student-debt-cancellation-a-main-cause-of-400b-increase-in-24-deficit%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=2272858&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--><p>President Joe \u200bBiden&#8217;s executive measures to \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chuck-schumer-quietly-shutting-down-alexandria-ocasio-cortez-primary-challenge\/\" title=\"Chuck Schumer Quietly Shutting Down Alexandria Ocasio-Cortez Primary Challenge\">cancel student loan debt<\/a> have significantly contributed to a $400 billion surge in the projected federal \u2063deficit for 2024, totaling an\u2062 anticipated $1.9 trillion. The Congressional Budget Office (CBO)\u200b increased\u200b its estimate citing\u2062 the cost of these \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/three-times-biden-forgave-student-loan-debt-despite-supreme-court-ruling\/\" title=\"Biden forgave student loan debt thrice, defying Supreme Court ruling\">student\u2062 loan cancellations<\/a> \u2064as a primary factor. Originally predicted in February to cost the budget\u200c significantly less, the \u200bupdated projection includes an\u2063 increase to $145 billion and\u200b could \u2063rise an additional $66 billion if certain administration changes are \u2064enacted by the fiscal\u2063 year&#8217;s\u2062 end on September 30. This potential brings the \u2064additional \u200dcost for 2024 up to $211 billion. Besides the\u200b student loan cancellations, other elements driving the deficit increase include $95\u200d billion for defense spending related to Ukraine and Israel, a $70\u200d billion\u2062 expense due\u2064 to bank\u2063 failures, enhanced \u2063Medicaid costs of $50 billion,\u2064 and an approval of $60 billion in new discretionary\u2062 spending.\u200d Furthermore, surging interest payment obligations \u200con national debt are expected\u200c to \u200bsurpass\u2063 $1 trillion by 2026, overtaking defense spending.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section>\n<p>President Joe Biden\u2019s executive actions taken to cancel student loan debt are a primary cause of a $400 billion increase in the federal government\u2019s projected deficit for 2024.<\/p>\n<p>On Tuesday, the Congressional Budget Office <a href=\"https:\/\/www.westernjournal.com\/cbo-increases-projected-federal-budget-deficit-2024-400-billion\/\" target=\"_blank\" rel=\"noopener\">released<\/a> a revised estimate\u00a0up from February, calculating the deficit will total $1.9 trillion.<\/p>\n<p>In its <a href=\"https:\/\/www.cbo.gov\/publication\/60419\" target=\"_blank\" rel=\"noopener\">report<\/a>, the CBO said the cost of Biden\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-denies-student-loan-payment-extension-payments-to-restart-in-february\/\" title=\"Joe Biden\u00a0Denies Student Loan Payment Extension, Payments to Restart in February\">student loan cancellation<\/a> is expected to be $145 billion more than the agency estimated in February.<\/p>\n<div id=\"IC1-ad\" class=\"sponsor IC1\">\n<div class=\"ad-notice flipboard-remove\" fl:fl-noexcerpt=\"true\">Advertisement &#8211; story continues below<\/div>\n<div id=\"IC1\"> <script> \t\t\t\t\t\tif( 'IC1' !='REP' && FFADS.units.IC1 && FFADS.units.IC1.ad_type=='custom' && FFADS.units.IC1.custom_ads && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\tdocument.getElementById( 'IC1' ).innerHTML=FFADS.units.IC1.custom_ads[0].code; \t\t\t\t\t\t\tif( ! FFADS.units.IC1.lazy_load ) eval( FFADS.units.IC1.custom_ads[0].rendering_script ); \t\t\t\t\t\t} \t\t\t\t\t\telse if( FFADS.units.IC1 && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\t \t\t\t\tif( FFADS.use_fixed_containers ) { \t\t\t\t\tFFADS.debug( 'fixing size for IC1' ); \t\t\t\t\tlet max_wh=firefly_size_list_to_max_wh( FFADS.units.IC1.sizes ); \t\t\t\t\tlet el=document.querySelector( '#IC1' ); \t\t\t\t\tel.style.width=max_wh[0] + 'px'; \t\t\t\t\tel.style.height=max_wh[1] + 'px'; \t\t\t\t\tel.classList.add( 'fixed-size' ); \t\t\t\t\tFFADS.debug( el.style ); \t\t\t\t\tFFADS.debug( el.classList ); \t\t\t\t} \t\t\t \t\t\t\t\t\t\tgoogletag.cmd.push( function() { \t\t\t\t\t\t\t\tFFADS.debug( 'googletag.displaying IC1' ); \t\t\t\t\t\t\t\tgoogletag.display( 'IC1' ); \t\t\t\t\t\t\t} ); \t\t\t\t\t\t} \t\t\t\t\t\telse { \t\t\t\t\t\t\tdocument.querySelector( '#IC1-ad' ).style.display='none';} \t\t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<p>But the CBO noted their projection could be $66 billion too low depending on whether a Biden administration rule change on student loans can be finalized by the end of the fiscal year, which is Sept. 30.<\/p>\n<p>In which case the total increase in cost could be as high as <a href=\"https:\/\/www.wsj.com\/articles\/u-s-debt-spending-congressional-budget-office-taxes-entitlements-biden-6b6f3ece\" target=\"_blank\" rel=\"noopener\">$211 billion<\/a> for the year, according to calculations by <a href=\"https:\/\/www.wsj.com\/articles\/u-s-debt-spending-congressional-budget-office-taxes-entitlements-biden-6b6f3ece\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal<\/a>.<\/p>\n<div id=\"in-article-trending\" class=\"in-article-more inner-content\">\n<div class=\"in-article-more-label\">Trending:<\/div>\n<div class=\"in-article-more-right\"> <a href=\"https:\/\/www.westernjournal.com\/watch-trump-drops-hammer-kamala-harris-strikes-brutal-reminder-loathed\/\" data-type=\"Internal link\" data-type-location=\"in-content-trending\">Watch: Trump Drops the Hammer on Kamala Harris, Strikes Her with Brutal Reminder of Why She&#8217;s Loathed<\/a> <\/div>\n<\/p><\/div>\n<p> <script> \t\t\t\tif( ! getCookie( 'ff_subbed' ) ) if( typeof FFADS.replace_ict !='undefined' ) if( FFADS.replace_ict ) eval( FFADS.replace_ict ); \t\t\t<\/script> <\/p>\n<p>In August 2023, the U.S. Supreme Court <a href=\"https:\/\/www.westernjournal.com\/scotus-rules-400b-student-debt-cancellation-plan-bad-news-biden\/\" target=\"_blank\" rel=\"noopener\">ruled against<\/a> Biden\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-biden-is-trying-to-go-around-the-supreme-court-to-cancel-student-loan-debt\/\" title=\"Biden's attempt to bypass Supreme Court for student loan debt cancellation\">original student loan forgiveness plan<\/a>, finding the president exceeded his executive authority.<\/p>\n<p>The total cost of the plan, which relied on language found in the HEROES Act of 2003, was estimated to be $430 billion.<\/p>\n<div id=\"IC2-ad\" class=\"sponsor IC2\">\n<div class=\"ad-notice flipboard-remove\" fl:fl-noexcerpt=\"true\">Advertisement &#8211; story continues below<\/div>\n<div id=\"IC2\"> <script> \t\t\t\t\t\tif( 'IC2' !='REP' && FFADS.units.IC2 && FFADS.units.IC2.ad_type=='custom' && FFADS.units.IC2.custom_ads && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\tdocument.getElementById( 'IC2' ).innerHTML=FFADS.units.IC2.custom_ads[0].code; \t\t\t\t\t\t\tif( ! FFADS.units.IC2.lazy_load ) eval( FFADS.units.IC2.custom_ads[0].rendering_script ); \t\t\t\t\t\t} \t\t\t\t\t\telse if( FFADS.units.IC2 && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\t \t\t\t\tif( FFADS.use_fixed_containers ) { \t\t\t\t\tFFADS.debug( 'fixing size for IC2' ); \t\t\t\t\tlet max_wh=firefly_size_list_to_max_wh( FFADS.units.IC2.sizes ); \t\t\t\t\tlet el=document.querySelector( '#IC2' ); \t\t\t\t\tel.style.width=max_wh[0] + 'px'; \t\t\t\t\tel.style.height=max_wh[1] + 'px'; \t\t\t\t\tel.classList.add( 'fixed-size' ); \t\t\t\t\tFFADS.debug( el.style ); \t\t\t\t\tFFADS.debug( el.classList ); \t\t\t\t} \t\t\t \t\t\t\t\t\t\tgoogletag.cmd.push( function() { \t\t\t\t\t\t\t\tFFADS.debug( 'googletag.displaying IC2' ); \t\t\t\t\t\t\t\tgoogletag.display( 'IC2' ); \t\t\t\t\t\t\t} ); \t\t\t\t\t\t} \t\t\t\t\t\telse { \t\t\t\t\t\t\tdocument.querySelector( '#IC2-ad' ).style.display='none';} \t\t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<p>In its 6-3 decision the Court <a href=\"https:\/\/www.supremecourt.gov\/opinions\/22pdf\/22-506_nmip.pdf\" target=\"_blank\" rel=\"noopener\">said<\/a>, \u201cIt is \u2018highly unlikely that Congress\u2019 authorized such a sweeping loan cancellation program \u2018through such a subtle device as permission to \u2018modify,\u2019\u201d quoting from case precedent.<\/p>\n<p>The justices stated that such \u201cmajor questions\u201d must be decided through congressional action.<\/p>\n<div id=\"firefly-poll-container\" class=\"one-half\">\n<div class=\"firefly-poll-question\">Are you concerned by the federal deficit?<\/div>\n<div id=\"pollFormBox\" style=\"display: none;\">\n<form id=\"firefly-poll\" class=\"firefly-poll\" onsubmit=\"ff_poll_submit( event );\"> <input type=\"hidden\" name=\"action\" value=\"firefly_polls_record_vote\"> <input type=\"hidden\" name=\"post_id\" value=\"3701073\"> <label><input type=\"radio\" name=\"answer\" value=\"yes\" required=\"required\">Yes<\/label> <label><input type=\"radio\" name=\"answer\" value=\"no\" required=\"required\">No<\/label> <br \/> <input type=\"email\" name=\"email\" placeholder=\"Enter your email\" required=\"required\"> <input type=\"submit\" value=\"Submit\"> <\/p>\n<div class=\"firefly-poll-disclaimer\">  Completing this poll entitles you to The Western Journal news updates free of charge via email. You may opt out at anytime. You also agree to our <a href=\"https:\/\/www.westernjournal.com\/about\/privacy-policy\/\">Privacy Policy<\/a> and <a href=\"https:\/\/www.westernjournal.com\/about\/terms-service\/\">Terms of Use<\/a>. <\/div>\n<\/p><\/form>\n<\/p><\/div>\n<div id=\"firefly-poll-results\" style=\"display: none;\">\n<div id=\"firefly-poll-results-yes\" style=\"width: 100%\">  Yes: 100% (1 Votes) <\/div>\n<div id=\"firefly-poll-results-no\" style=\"width: 0%\">  No: 0% (0 Votes) <\/div>\n<\/p><\/div>\n<p> <script> \t\tfunction ffp_getCookie(cname) { \t\t\tvar name=cname + \"=\"; \t\t\tvar decodedCookie=decodeURIComponent(document.cookie); \t\t\tvar ca=decodedCookie.split(';'); \t\t\tfor(var i=0; i <ca.length; i++) { \t\t\t\tvar c=ca[i]; \t\t\t\twhile (c.charAt(0)==' ') { \t\t\t\t\tc=c.substring(1); \t\t\t\t} \t\t\t\tif (c.indexOf(name)==0) { \t\t\t\t\treturn c.substring(name.length, c.length); \t\t\t\t} \t\t\t} \t\t\treturn \"\"; \t\t}  \t\tfunction ffp_setCookie(cname, cvalue, exdays) { \t\t\tvar d=new Date(); \t\t\td.setTime(d.getTime() + (exdays*24*60*60*1000)); \t\t\tvar expires=\"expires=\"+ d.toUTCString(); \t\t\tdocument.cookie=cname + \"=\" + cvalue + \";\" + expires + \";path=\/\"; \t\t}  \t\twindow.ff_poll_voted=false;  \t\tvar voted_cookie_name='firefly_voted_3701073';  \t\tfunction ff_poll_submit( event ) { \t\t\tevent.preventDefault();  \t\t\tvar fireflyPoll=jQuery( '#firefly-poll' ); \t\t\tvar fireflyPollContainer=jQuery('#firefly-poll-container'); \t\t\tvar pollFormBox=jQuery('#pollFormBox');  \t\t\tif( window.ff_poll_voted || ffp_getCookie( voted_cookie_name ) ){ return; } \t\t\twindow.ff_poll_voted=true;  \t\t\tfireflyPollContainer.addClass('loading');              \/\/Need to assign URL here as it was defined only in firefly.             var firefly_ajax_url='https:\/\/www.westernjournal.com\/wp-admin\/admin-ajax.php';  \t\t\tvar posting=jQuery.post( firefly_ajax_url, jQuery( event.target ).serialize() );              \/\/Check the Datalayer             if(window.dataLayer){                 window.dataLayer=window.dataLayer || [];                 window.dataLayer.push( {                     'event': 'in-article poll vote',                     'pollAnswer': jQuery( 'input:radio[name=answer]:checked' ).val(),                     'pollName': jQuery( '.firefly-poll-question').text(),                     'pollSubmitMethod': 'email',                 } );             }  \t\t\tffp_setCookie( voted_cookie_name, 1, 7 );  \t\t\tposting.done( function( response ) { \t\t\t\tif( response.success ){ \t\t\t\t\tyes_el=document.getElementById( 'firefly-poll-results-yes' ); \t\t\t\t\tno_el=document.getElementById( 'firefly-poll-results-no' );  \t\t\t\t\tyes_el.style.width=response.data.percents.yes + '%'; \t\t\t\t\tyes_el.innerHTML='Yes: ' + response.data.percents.yes + '% (' + response.data.votes.yes + ' Votes)';  \t\t\t\t\tno_el.style.width=response.data.percents.no + '%'; \t\t\t\t\tno_el.innerHTML='No: ' + response.data.percents.no + '% (' + response.data.votes.no + ' Votes)';  \t\t\t\t\tfireflyPoll.remove();  \t\t\t\t\tpollFormBox.hide(); \t\t\t\t\tdocument.getElementById( 'firefly-poll-results' ).style.display='block'; \t\t\t\t}  \t\t\t\tfireflyPollContainer.removeClass('loading'); \t\t\t}); \t\t};  \t\tif ( ffp_getCookie( voted_cookie_name ) ) { \t\t\tdocument.getElementById( 'pollFormBox' ).style.display='none'; \t\t\tdocument.getElementById( 'firefly-poll-results' ).style.display='block'; \t\t} else { \t\t\t\t\t\t\tif( ffp_getCookie( 'ff_source' )=='email' ) { \t\t\t\t\tvar emailField=document.querySelector( '#firefly-poll input[name=\"email\"]' ); \t\t\t\t\temailField.required=false; \t\t\t\t\temailField.style.display='none'; \t\t\t\t} \t\t\t \t\t\tdocument.getElementById( 'pollFormBox' ).style.display='block'; \t\t\tdocument.getElementById( 'firefly-poll-results' ).style.display='none'; \t\t} \t<\/script> <\/p>\n<style> \t\t \t\t#firefly-poll-container { \t\t\tborder: 2px solid #d6d6d6; \t\t\tpadding: 15px; \t\t\tmargin-left: 0; \t\t\tmargin-right: 15px; \t\t\tmargin-bottom: 15px; \t\t\twidth: 50%; \t\t\tfloat: left; \t\t\tbackground: #ddd; \t\t\tborder-radius: 3px; \t\t}  \t\t#firefly-poll-container input[type=email] { \t\t\tmargin-top: 5px; \t\t\tmargin-bottom: 5px; \t\t\tpadding-top: 10px; \t\t\tpadding-bottom: 10px; \t\t\tpadding-left: 10px; \t\t\tbackground-color: #F5F5F5; \t\t\tborder-radius: 3px; \t\t\tborder-color: #d6d6d6; \t\t\tborder: 1px solid #d6d6d6; \t\t}  \t\t#firefly-poll-container input[type=submit] { \t\t\tpadding: 10px; \t\t\tborder: 1px solid #d6d6d6; \t\t\tcursor: pointer; \t\t}  \t\t#firefly-poll-results-yes { \t\t\tbackground-color: lightgrey; \t\t\twhite-space: nowrap; \t\t\tmargin-bottom: 5px; \t\t\tborder-radius: 4px; \t\t\tpadding-left: 5px; \t\t}  \t\t#firefly-poll-results-no { \t\t\tbackground-color: lightgrey; \t\t\twhite-space: nowrap; \t\t\tborder-radius: 4px; \t\t\tpadding-left: 5px; \t\t}  \t\t.firefly-poll-question { \t\t\tfont-weight: bold; \t\t\tfont-size: var( --big-font-size ); \t\t}  \t\t.firefly-poll-Disclaimer { \t\t\tfont-size: var(--smallest-font-size); \t\t}  \t\t@media ( max-width: 768px ) { \t\t\t#firefly-poll-container { \t\t\t\twidth: 90%; \t\t\t\tmargin-left: 20px; \t\t\t} \t\t} \t<\/style>\n<\/div>\n<p>Since that ruling, Biden announced several smaller steps, relying on different legal authority, but these moves are also being <a href=\"https:\/\/apnews.com\/article\/student-debt-cancellation-college-forgiveness-f94b9706bd395b32e44d4d1b3f6ff051\" target=\"_blank\" rel=\"noopener\">challenged<\/a> in court.<\/p>\n<p>Besides the administration\u2019s student debt cancellation programs, <a href=\"https:\/\/www.westernjournal.com\/cbo-increases-projected-federal-budget-deficit-2024-400-billion\/\" target=\"_blank\" rel=\"noopener\">other drivers<\/a> of the $400 billion increase in this year\u2019s deficit include the <a href=\"https:\/\/www.westernjournal.com\/17-gop-senators-help-democrats-pass-95-billion-ukraine-aid-package-names\/\" target=\"_blank\" rel=\"noopener\">$95 billion<\/a> defense appropriations for the wars in Ukraine and Israel, as well as shoring up allied military preparedness in the Indo-Pacific region Congress passed in February.<\/p>\n<p>Additionally, the federal government incurred $70 billion in costs due to bank failures.<\/p>\n<div id=\"IC3-ad\" class=\"sponsor IC3\">\n<div class=\"ad-notice flipboard-remove\" fl:fl-noexcerpt=\"true\">Advertisement - story continues below<\/div>\n<div id=\"IC3\"> <script> \t\t\t\t\t\tif( 'IC3' !='REP' && FFADS.units.IC3 && FFADS.units.IC3.ad_type=='custom' && FFADS.units.IC3.custom_ads && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\tdocument.getElementById( 'IC3' ).innerHTML=FFADS.units.IC3.custom_ads[0].code; \t\t\t\t\t\t\tif( ! FFADS.units.IC3.lazy_load ) eval( FFADS.units.IC3.custom_ads[0].rendering_script ); \t\t\t\t\t\t} \t\t\t\t\t\telse if( FFADS.units.IC3 && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\t \t\t\t\tif( FFADS.use_fixed_containers ) { \t\t\t\t\tFFADS.debug( 'fixing size for IC3' ); \t\t\t\t\tlet max_wh=firefly_size_list_to_max_wh( FFADS.units.IC3.sizes ); \t\t\t\t\tlet el=document.querySelector( '#IC3' ); \t\t\t\t\tel.style.width=max_wh[0] + 'px'; \t\t\t\t\tel.style.height=max_wh[1] + 'px'; \t\t\t\t\tel.classList.add( 'fixed-size' ); \t\t\t\t\tFFADS.debug( el.style ); \t\t\t\t\tFFADS.debug( el.classList ); \t\t\t\t} \t\t\t \t\t\t\t\t\t\tgoogletag.cmd.push( function() { \t\t\t\t\t\t\t\tFFADS.debug( 'googletag.displaying IC3' ); \t\t\t\t\t\t\t\tgoogletag.display( 'IC3' ); \t\t\t\t\t\t\t} ); \t\t\t\t\t\t} \t\t\t\t\t\telse { \t\t\t\t\t\t\tdocument.querySelector( '#IC3-ad' ).style.display='none';} \t\t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<p>Further, Medicaid costs came in $50 billion higher than expected, and the federal government passed $60 billion more in new discretionary spending programs.<\/p>\n<p>A primary component of the federal budget deficit overall is <a href=\"https:\/\/www.westernjournal.com\/musk-sounds-alarm-deficits-biden-spending-america-oblivion\/\" target=\"_blank\" rel=\"noopener\">increased interest payment<\/a> costs in servicing the national debt, which is expected to exceed $1 trillion by fiscal year 2026.<\/p>\n<div id=\"in-article-related\" class=\"in-article-more inner-content\">\n<div class=\"in-article-more-label\">Related:<\/div>\n<div class=\"in-article-more-right\"> <a href=\"https:\/\/www.westernjournal.com\/cbo-increases-projected-federal-budget-deficit-2024-400-billion\/\" data-type=\"Internal link\" data-type-location=\"in-content-related\">CBO Increases Projected Federal Budget Deficit For 2024 by $400 Billion<\/a> <\/div>\n<\/p><\/div>\n<p>A graphic from the Federal Reserve shows the U.S. interest payments this year will exceed the total cost of funding the Defense Department, which has been the largest single ticket item besides the entitlement programs of Social Security and Medicare.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">US federal interest payments now exceed the defense budget. <a href=\"https:\/\/t.co\/joZadHMP0U\">pic.twitter.com\/joZadHMP0U<\/a><\/p>\n<p>\u2014 (((The Daily Shot))) (@SoberLook) <a href=\"https:\/\/twitter.com\/SoberLook\/status\/1803006741447139601?\">June 18, 2024<\/a><\/p>\n<\/blockquote>\n<div id=\"IC4-ad\" class=\"sponsor IC4\">\n<div class=\"ad-notice flipboard-remove\" fl:fl-noexcerpt=\"true\">Advertisement - story continues below<\/div>\n<div id=\"IC4\"> <script> \t\t\t\t\t\tif( 'IC4' !='REP' && FFADS.units.IC4 && FFADS.units.IC4.ad_type=='custom' && FFADS.units.IC4.custom_ads && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\tdocument.getElementById( 'IC4' ).innerHTML=FFADS.units.IC4.custom_ads[0].code; \t\t\t\t\t\t\tif( ! 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the $1 trillion <a href=\"https:\/\/www.npr.org\/2021\/11\/15\/1055841358\/biden-signs-1t-bipartisan-infrastructure-bill-into-law#\" target=\"_blank\" rel=\"noopener\">infrastructure bill<\/a>, which garnered some GOP support in the Senate and a handful of members in the House; and the Inflation Reduction Act, which had <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5376\/actions#:~:text=Presented%20to%20President.-,08%2F12%2F2022%20Resolving%20differences%20%2D%2D%20House%20actions%3A%20On,51%20%2D%2050.\" target=\"_blank\" rel=\"noopener\">no GOP backing<\/a>.<\/p>\n<p>In April 2023, researchers at the University of Pennsylvania\u2019s Wharton School of Business, working with the investment firm Goldman Sachs, <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/estimates\/2023\/4\/27\/update-cost-climate-and-energy-inflation-reduction-act\" target=\"_blank\" rel=\"noopener\">updated their estimated cost<\/a> of the IRA\u2019s green initiatives from $385 billion over a 10-year period to more than $1 trillion.<\/p>\n<p>The Wall Street Journal\u2019s editorial board, in a Wednesday opinion piece titled \u201c<a href=\"https:\/\/www.wsj.com\/articles\/u-s-debt-spending-congressional-budget-office-taxes-entitlements-biden-6b6f3ece\" target=\"_blank\" rel=\"noopener\">Soaring U.S. Debt Is a Spending Problem<\/a>,\u201d noted that federal revenue as a percentage of Gross Domestic Product (the total size of the economy) has been stable.<\/p>\n<p>\u201cRevenue is expected to total 17.2% of GDP this year\u2014roughly the 50-year average before the pandemic,\u201d but, they added that spending is expected to hit 24.2 percent of GDP this year.<\/p>\n<p>It has only exceeded 24 percent once since World War II, in 2009, during Barack Obama\u2019s first year in office where he addressed the financial crisis via a \u201cstimulus binge.\u201d<\/p>\n<p>Total federal expenditures in FY 2023 were <a href=\"https:\/\/www.westernjournal.com\/fact-check-biden-loves-claim-cut-deficit-numbers-highlight-painful-truth\/\" target=\"_blank\" rel=\"noopener\">$6.1 trillion<\/a>, not far behind the <a href=\"https:\/\/www.cbo.gov\/publication\/57170\" target=\"_blank\" rel=\"noopener\">$6.6 trillion<\/a> spent in 2020 during the height of the pandemic.<\/p>\n<p>This compares compares a pre-pandemic $4.4 trillion with a <a href=\"https:\/\/www.cbo.gov\/publication\/56324\" target=\"_blank\" rel=\"noopener\">$984 billion<\/a> deficit in fiscal 2019 under then-President Donald Trump.<\/p>\n<p>\u201cIf spending as a share of GDP remained at the pre-pandemic average, the deficit would be roughly $890 billion this year,\u201d the editorial board noted.<\/p>\n<p>They recommended if Trump wins in November and wants to keep his current tax policies in place, \u201cthe best way to finance that is by repealing the Biden spending blowouts in the Inflation Reduction Act, student-loan write-offs and pandemic-era welfare expansions.<\/p>\n<p>\u201cFailing to take on that challenge means either a monumental tax increase or a debt panic down the road.\u201d<\/p>\n<hr>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\">\n<h3 class=\"ff-fancy-header\">Truth and Accuracy<\/h3>\n<\/p><\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-button\" onclick=\" \t\t\t\tdocument.querySelector( '.entry-submit-correction .correction-form form' ).style.display='block'; 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Randy DeSoto <\/a> <\/div>\n<div class=\"firefly_job_title author-meta-value\">Senior Staff Writer<\/div>\n<\/p><\/div>\n<div class=\"author-tabs\"> <input type=\"radio\" name=\"ff-author-tab-44657\" value=\"summary-tab\" id=\"summary-tab-radio-44657\" checked><label for=\"summary-tab-radio-44657\">Summary<\/label><input type=\"radio\" name=\"ff-author-tab-44657\" value=\"more-info-tab\" id=\"more-info-tab-radio-44657\"><label for=\"more-info-tab-radio-44657\">More<span class=\"rmation\"> Biographical Information<\/span><\/label><input type=\"radio\" name=\"ff-author-tab-44657\" value=\"posts-tab\" id=\"posts-tab-radio-44657\"><label for=\"posts-tab-radio-44657\">Recent<span class=\"rmation\"> Posts<\/span><\/label><input type=\"radio\" name=\"ff-author-tab-44657\" value=\"contact-tab\" id=\"contact-tab-radio-44657\"><label for=\"contact-tab-radio-44657\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); 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He is a graduate of West Point and Regent University School of Law. He is the author of the book \"We Hold These Truths\" and screenwriter of the political documentary \"I Want Your Money.\"<\/div>\n<div class=\"twitter\"> <a href=\"https:\/\/twitter.com\/RandyDeSoto\"><i class=\"icon-twitter\"><\/i>  @RandyDeSoto<\/a> <\/div>\n<\/p><\/div>\n<div class=\"author-tab more-info-tab\">\n<div class=\"firefly_long_bio author-meta-value\">  Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film \"I Want Your Money\" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book \"We Hold These Truths,\" which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers. <\/p>\n<p>  Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate. <\/p><\/div>\n<div class=\"firefly_birthplace author-meta-title\">  Birthplace <\/div>\n<div class=\"firefly_birthplace author-meta-value\">  Harrisburg, Pennsylvania <\/div>\n<div class=\"firefly_nationality author-meta-title\">  Nationality <\/div>\n<div class=\"firefly_nationality author-meta-value\">  American <\/div>\n<div class=\"firefly_honors author-meta-title\">  Honors\/Awards <\/div>\n<div class=\"firefly_honors author-meta-value\">  Graduated dean's list from West Point <\/div>\n<div class=\"firefly_education author-meta-title\">  Education <\/div>\n<div class=\"firefly_education author-meta-value\">  United States Military Academy at West Point, Regent University School of Law <\/div>\n<div class=\"firefly_books author-meta-title\">  Books Written <\/div>\n<div class=\"firefly_books author-meta-value\">  We Hold These Truths <\/div>\n<div class=\"firefly_professional_memberships author-meta-title\">  Professional Memberships <\/div>\n<div class=\"firefly_professional_memberships author-meta-value\">  Virginia and Pennsylvania state bars <\/div>\n<div class=\"firefly_location author-meta-title\">  Location <\/div>\n<div class=\"firefly_location author-meta-value\">  Phoenix, Arizona <\/div>\n<div class=\"firefly_languages author-meta-title\">  Languages Spoken <\/div>\n<div class=\"firefly_languages author-meta-value\">  English <\/div>\n<div class=\"firefly_topics author-meta-title\">  Topics of Expertise <\/div>\n<div class=\"firefly_topics author-meta-value\">  Politics, Entertainment, Faith <\/div>\n<\/p><\/div>\n<div class=\"author-tab contact-tab\">\n<form> <input type=\"hidden\" id=\"contact_author_nonce\" name=\"contact_author_nonce\" value=\"c4bd32b9ce\"><input type=\"hidden\" name=\"_wp_http_referer\" value=\"https:\/\/www.westernjournal.com\/bidens-student-debt-cancellation-main-cause-400b-increase-24-deficit\/\"> <input type=\"hidden\" name=\"post_id\" value=\"3701073\"> <\/p>\n<div class=\"ma-name-field\"> <label>* Name<\/label> <br \/> <input type=\"text\" name=\"name\" required> <\/div>\n<div class=\"ma-email-field\"> <label>* Email<\/label> <br \/> <input type=\"text\" name=\"email\" required> <\/div>\n<p> <label class=\"message-label\">* Message<\/label> <textarea name=\"message\" class=\"message-textarea\" required><\/textarea> <\/p>\n<p> <input type=\"hidden\" name=\"author_id\" value=\"44657\"> <\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> <input type=\"submit\" value=\"Submit\" onclick=\"firefly_ma( 44657 ); event.preventDefault(); return false;\">  <\/p>\n<div class=\"firefly-ma-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<div class=\"author-tab posts-tab\">\n<div class=\"author-headline\"> <a href=\"https:\/\/www.westernjournal.com\/bidens-student-debt-cancellation-main-cause-400b-increase-24-deficit\/\">Biden's Student Debt Cancellation a Main Cause of $400B Increase in '24 Deficit<\/a> <\/div>\n<div class=\"author-headline\"> <a href=\"https:\/\/www.westernjournal.com\/cbs-forced-delete-segment-embarrassing-biden-reporting-history-exposed-air\/\">CBS Forced to Delete Segment After Most Embarrassing Biden Reporting in History Exposed On-Air<\/a> <\/div>\n<div class=\"author-headline\"> <a href=\"https:\/\/www.westernjournal.com\/ten-commandments-must-displayed-public-school-classrooms-according-new-state-law\/\">Ten Commandments Must Be Displayed in All Public School Classrooms, According to New State Law<\/a> <\/div>\n<div class=\"author-headline\"> <a href=\"https:\/\/www.westernjournal.com\/jim-jordan-threatens-letitia-james-subpoena-trump-prosecutor\/\">Jim Jordan Threatens Letitia James with Subpoena Over Trump Prosecutor<\/a> <\/div>\n<div class=\"author-headline\"> <a href=\"https:\/\/www.westernjournal.com\/cbo-increases-projected-federal-budget-deficit-2024-400-billion\/\">CBO Increases Projected Federal Budget Deficit For 2024 by $400 Billion<\/a> <\/div>\n<div class=\"author-headline\"> <a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">See more...<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"BA1-ad\" class=\"sponsor BA1\">\n<div class=\"ad-notice flipboard-remove\" fl:fl-noexcerpt=\"true\">Advertisement<\/div>\n<div id=\"BA1\"> <script> \t\t\t\t\t\tif( 'BA1' !='REP' && FFADS.units.BA1 && FFADS.units.BA1.ad_type=='custom' && FFADS.units.BA1.custom_ads && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\tdocument.getElementById( 'BA1' ).innerHTML=FFADS.units.BA1.custom_ads[0].code; \t\t\t\t\t\t\tif( ! FFADS.units.BA1.lazy_load ) eval( FFADS.units.BA1.custom_ads[0].rendering_script ); \t\t\t\t\t\t} \t\t\t\t\t\telse if( FFADS.units.BA1 && ! getCookie( 'ff_subbed' ) ) { \t\t\t\t\t\t\t \t\t\t\tif( FFADS.use_fixed_containers ) { \t\t\t\t\tFFADS.debug( 'fixing size for BA1' ); \t\t\t\t\tlet max_wh=firefly_size_list_to_max_wh( FFADS.units.BA1.sizes ); \t\t\t\t\tlet el=document.querySelector( '#BA1' ); \t\t\t\t\tel.style.width=max_wh[0] + 'px'; \t\t\t\t\tel.style.height=max_wh[1] + 'px'; \t\t\t\t\tel.classList.add( 'fixed-size' ); \t\t\t\t\tFFADS.debug( el.style ); \t\t\t\t\tFFADS.debug( el.classList ); \t\t\t\t} \t\t\t \t\t\t\t\t\t\tgoogletag.cmd.push( function() { \t\t\t\t\t\t\t\tFFADS.debug( 'googletag.displaying BA1' ); \t\t\t\t\t\t\t\tgoogletag.display( 'BA1' ); \t\t\t\t\t\t\t} ); \t\t\t\t\t\t} \t\t\t\t\t\telse { \t\t\t\t\t\t\tdocument.querySelector( '#BA1-ad' ).style.display='none';} \t\t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<div class=\"ff-fancy-header-container\">\n<h3 class=\"ff-fancy-header\">Conversation<\/h3>\n<\/p><\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\">\n<div id=\"div-insticator-ad-cmt-1\"><\/div>\n<div id=\"div-insticator-ad-cmt-2\"><\/div>\n<p> <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<div id=\"insticator-comments\">\n<div class=\"so-comments\" data-integration-id=\"9af198ff-22cf-4d4b-80d5-b58d0f23e539\" data-ext-page-id=\"3701073\"><\/div>\n<p> <script async src=\"https:\/\/soapps.net\/live\/loader\/bundle.js\"><\/script> <\/div>\n<div class=\"insticator-ads additional\">\n<div id=\"div-insticator-ad-cmt-3\"><\/div>\n<div id=\"div-insticator-ad-cmt-4\"><\/div>\n<p> <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s executive actions to cancel student loan debt have contributed to a $400 billion rise in the projected 2024 federal deficit. The Congressional Budget Office now estimates the deficit will reach $1.9 trillion, a significant increase from earlier predictions. The CBO attributes this rise primarily to the cost of the debt cancellation<\/p>\n","protected":false},"author":662,"featured_media":2272859,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/smiley-joe.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2272858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/06\/smiley-joe.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2272858","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\/662"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2272858"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2272858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2272859"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2272858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2272858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2272858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}