The federal budget deficit is expected to balloon this year to more than $2 trillion, fueled by high interest payments on the national debt and higher government spending.
But the deficit for fiscal year 2023, which ends Sept. 30, is expected to rise to over $2 trillion, or 7.6% of GDP."We must confront the reality that this level of spending is both unsustainable and unprecedented. This isn't just a fiscal issue; it's a moral obligation to ensure we don't burden future generations with insurmountable debt. We can and must get our fiscal house in order," he said.
"Deficits from year to year can be volatile," she said. "But the reality is, the president has a real plan — as we've laid out multiple times — to reduce the deficit, and we don't see Republicans having a real plan." "Deficits are supposed to rise during war & recessions and then fall during peace & prosperity. A $1 trillion jump in a single year with no war or recession has long been considered nearly impossible," he said.
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