Budget Deficit Hits Monthly Record Due to Biden’s Policies
America’s “monthly federal deficit hit a record $249 billion in November—$57 billion more than the same month last year—with federal spending also hitting new heights in consecutive months, while tax revenues dropped,” reports the London Daily Mail.
The deficit is $57billion higher than it was in November of 2021—which is a record-breaking year-on-year change. Federal spending is up $28billion from last year to $501billion in November 2022, according to the Treasury Department. . . .
. . . [R]evenues are down $13billion year-to-year to $252billion. . . .
Spending was, in part, driven by an 18 percent—or $14billion—increase in Medicare spending and a 94 percent increase in education costs. . . .
The Treasury’s interest costs on public debt grew 53 percent or $19billion during November. . . .
For the first two months of fiscal 2023, the Treasury’s interest payments are up $48billion, or 87 percent. . . .
“. . . the deficit would have been almost $400 billion lower had the Biden Administration not decided to enact an inflationary, costly, and regressive student debt cancellation plan in August,” [Maya MacGuineas, president of the Committee for a Responsible Federal Budget,] noted.
Joe Biden’s costly plan to cancel student loan repayment for many students encourages colleges to raise tuition by making it more attractive to take out big loans to cover college tuition. When students are willing to borrow more to go to college, colleges respond by increasing tuition and hiring more unnecessary college bureaucrats. The Daily Caller notes that a report by the Federal Reserve Bank of New York shows that “each additional dollar in government financial aid translate[s] to a tuition hike of about 65 cents.”
Biden issued a plan to forgive $10,000 or $20,000 in student loan debt for many borrowers, at a cost of $500 billion to taxpayers. That plan was been declared illegal by a judge in Texas and also was temporarily blocked by the Eighth Circuit Court of Appeals. But the Biden ad
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