WASHINGTON, DC – Today, Congresswoman Jen Kiggans (VA-02), released the following statement regarding the President’s 2024 Budget:
“Today, President Biden released his 2024 budget; it is all about more spending which will then lead to more inflation. Period. As proposed, this budget would cause the national debt to hit nearly $51 trillion by 2033, which is almost impossible to comprehend.
“The President has once again failed to offer Americans a responsible budget that stops wasteful spending, eliminates government waste, stabilizes our debt, or puts us on a path to balance. Fiscal responsibility is absolutely critical if we want to create a stronger, more prosperous nation for the next generation.
“We must restore strength in our nation’s economy and that starts here in our nation’s capital.”
In February, the non-partisan Congressional Budget Office (CBO) said their last ten-year debt projection in May of 2022 was off by $3 trillion, adding a terrifying total of $20 trillion dollars to our national debt over the next decade. The CBO explained that expensive legislation, costly actions by President Biden, and increased interest payments (in response to inflation) is the driving force behind their massive, multitrillion-dollar upward revision.
In June of 2022, inflation soared to 9.1% year-over-year, the highest number in 40 years. Since March of 2022, the Federal Reserve has hiked interest rates 8 times, with Federal Reserve Chairman Jerome Powell stating that “the ultimate level of interest rates is likely to be higher than previously anticipated”. Over the last twelve months, the Federal Reserve has increased interest rates from 0.08% to 4.57% to combat inflation.
Yesterday, the CBO held a briefing for both Republicans and Democrats to ensure that every Member of Congress was provided with the same, up-to-date numbers. During that briefing, the CBO confirmed that over the next 30 years, the debt held by the public would be 195% of GDP.
Paul Plante says
The inflation the Fed is fighting is the inflation that Joe Biden’s WHACKED-OUT GREEN NEW DEAL policies passed by BOTH the worthless DEMOCRATS and worthless REPUBLICANS in the mockery called a “federal government” in Washington, D.C. that exists for no other reason than to loot our treasury while erecting a multitude of New Offices, and sending hither swarms of Officers to harrass us, and eat out our substance, has created.
As to the inevitable results 0f this idiotic set of policies inflicted on WE. THE ACTUAL AMERICAN PEOPLE, by BOTH the worthless DEMOCRATS and worthless REPUBLICANS in the mockery called a “federal government” in Washington, D.C., we have from Reuters as follows:
“U.S. deficit grows to $262 billion in February as tax refunds surge”
March 10, 2023
WASHINGTON, March 10 (Reuters) – The U.S. government posted a $262 billion budget deficit in February, up 21% from a year earlier, as outlays grew and revenues fell, due largely to higher tax refunds issued as the Internal Revenue Service worked through a substantial backlog of unprocessed returns.
The Treasury Department said on Friday the deficit last month compared to a $217 billion budget gap in February 2022.
Receipts for the month fell $28 billion, or 10%, to $262 billion, while outlays grew $18 billion, or 4%, to $525 billion.
The Treasury said individual withheld tax receipts in February climbed $10 billion, or 4%, compared to a year ago, but individual tax refunds, which reduce revenues, grew $31 billion, or 153%, to a total of $52 billion.
For the first five months of the 2023 fiscal year that started Oct. 1, the Treasury said the cumulative deficit came to $723 billion, up $247 billion, or 52%, from the comparable period of fiscal 2022, when the deficit was $476 billion.
Year-to-date receipts fell 4% to $1.735 trillion, while outlays grew 8% to $2.458 trillion.
The biggest drivers of deficits this year, according to Treasury data, have been interest on the public debt, which is up $69 billion, or 29%; higher individual tax refunds, also up $69 billion, or 136%; lower federal reserve earnings, down $47 billion, or 99%; and higher Social Security costs, up $45 billion, or 9%.
SOLUTION: IMPEACH JOE BIDEN!