Good news, everyone. The federal deficit for fiscal year 2024 is going to hit $1.9 trillion! That's 27% higher than the original CBO estimate of $1.5 trillion from back in February. One of the main reasons for that 27% jump: Biden's $145 billion in student debt relief.
Let's hear it for Joe Biden, everyone!
Nothing says it's an election year like spending $145 billion bailing out young voters!
Let's take a look at these numbers.
The federal budget deficit will hit $1.9 trillion this fiscal year, according to an updated projection released Tuesday by the Congressional Budget Office. That's 27% - or $400 billion - larger than the agency estimated in February …
Most of the spike in the fiscal 2024 deficit stems from four factors that are expected to boost projected spending. The largest is a $145 billion increase due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some accrued interest for millions of borrowers. The latter has yet to be finalized but could take effect as soon as this fall.
Biden when it comes to ignoring the Supreme Court and buying votes from student debtors during an election year:
No worries. We taxpayers will take the fall for guys like this so at least some portion of the population will have a reason to be pro-Biden.
And just like that, your student loans have been forgiven!
What a scam from the Biden administration.
Before I go, I just want to take a look at our national debt, because this is non-partisan and it's something that we need to address.
[T]he nation's debt will approach $57 trillion in fiscal year 2034, nearly $2.5 trillion higher than previously projected, as spending on Social Security, Medicare and interest payments soar and revenues fail to keep pace. The growing imbalance is expected to loom large over upcoming congressional budget and tax battles.
Did you know we're spending more on interest now than [checks notes] the military?
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