Feds Borrowed $1.3 Trillion in the First 6 Months of This Fiscal Year
President Donald Trump stood before a joint session of Congress less than six weeks ago and vowed to do something that has not been done in nearly a quarter century: balance the federal budget.
New numbers from the Treasury and recent developments in Congress suggest that’s not going to happen. Indeed, all indications are pointing in the opposite direction.
The federal government borrowed $1.3 trillion during the first six months of the current fiscal year, the Treasury Department reported last week. That’s the second-highest six-month total in history, bested only by the record set in the midst of the COVID-19 pandemic.
Spending is on the rise too. Over the first six months of the fiscal year, the federal government spent more than $3.5 trillion, up from the $3.25 trillion spent during the same six-month period in the previous fiscal year. Year-over-year spending is up by $139 billion during the three months since Trump was inaugurated, according to the Treasury data.
Meanwhile, Congress is moving ahead with a Republican-backed budget plan that could add trillions more to the deficit over the next 10 years.
The budget resolution that moved through both chambers of Congress earlier this month would allow lawmakers to authorize an additional $5.8 trillion in borrowing over the next 10 years. That additional borrowing would be used to offset new spending and the extensi
Article from Reason.com
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