The federal government has borrowed roughly $1.2 trillion in the eight-month period ending in May, the Congressional Budget Office (CBO) estimated in a report on Monday.
The nonpartisan budget scorekeeper said the figure is $38 billion above the federal budget deficit recorded during the same period in fiscal 2023.
Total outlays were up 8 percent in the past eight months, reaching $4.5 trillion, as the CBO noted a 42 percent increase in net outlays for interest on the public debt. The percentage represents an estimated $185 billion increase over the same period in fiscal 2023; the office pointed to rising interest rates as a key contributor.
Spending for programs like Social Security, Medicare and Medicaid jumped 6 percent on net during the same time frame, amounting to a $117 billion increase, the CBO estimated.
Medicare was projected to have seen the biggest bump, as outlays rose 10 percent, or $51 billion, in a large part due to “increased benefit payments to Medicare Advantage plans,” the CBO said. Spending for Social Security benefits rose 8 percent, or $74 billion, following a rise in beneficiaries and average benefit payments.
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@G3rrymanderCodVeteran2yrs2Y
Military conflicts are expensive. This money would be able to fund healthcare for all, tuition at state colleges, housing for the homeless, more affordable Medicare, stronger social security… it’s a long list
@DebonairCamelForward2yrs2Y
@VoterIDAriaSocialist2yrs2Y
@9HCFTMC 2yrs2Y
Borrowing money from other countries essentially destroys our own economy rather than helping the world's. We havent payed it back, and we definitely don't plan on it, because we can infinitely raise the debt ceiling. Stop borrowing, and instead invest in american built businesses to not only grow our own economy, but ensure self reliance.
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