The U.S. federal budget deficit will double this year, excluding student loans, according to the August report from the Congressional Budget Office. The widening deficit is due to a 3% rise in spending and a 10% decline in federal tax receipts. Spending increases include higher interest on the national debt and higher Social Security, Medicare and Medicaid spending. Lower revenues are partly due to smaller tax collections on capital gains and higher claims for some credits. The budget situation improved after the U.S. Supreme Court blocked the Biden Administration’s student loan forgiveness plan, resulting in a budget surplus of $89 billion for August. Here’s more: https://bit.ly/3sT17bT
Our Blog 