On Wednesday, the Congressional Budget Office (CBO) released its annual analysis of the budget and economic outlook over the coming decade. For anyone with a realistic sense of budgets and fiscal responsibility (i.e., not most Democrats), the lengthy document made for bracing reading.
As bad as you think the budget situation is, CBO noted that in the past year, it has gotten much worse. And if Democrats have their way when it comes to fiscal policy, things will still somehow worsen.
Spending Blowouts Increase the Deficit
CBO demolished two fictions that President Biden tried to peddle in his State of the Union address regarding the nation’s fiscal standing. In his speech, Biden claimed that deficits have gone down under his watch — a claim based largely on the fact that members of his own party rejected the full $5 trillion Build Back Bankrupt spending blowout he proposed.
Nevertheless, CBO estimated that the federal deficit would increase by $34 billion this year compared to last year. The budget office also noted that the deficit increase this year “would be larger if not for a shift in the timing of certain payments,” as some payments will get shifted because this fiscal year ends on a Saturday.
Over the longer term, Appendix A at the end of the report demonstrated how badly the nation’s financial standing has deteriorated under this president. Specifically, the estimated 10-year deficit has increased by $3.1 trillion, or nearly 20 percent, just since last May. Most of the increase
