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.
@ISIDEWITH4mos4MO
Ako sa cítite o schopnosti vášho vlády riadiť financie, keď sa rozhodne požičať viac peňazí na pokrytie výdavkov?
@ISIDEWITH4mos4MO
Ak by ste mali na starosti, či by ste uprednostnili zníženie národného dlhu alebo financovanie programov ako vzdelanie a zdravotníctvo, a prečo?
@ISIDEWITH4mos4MO
Ako by ste sa cítili, keby ste zistili, že vaša rodina náhle požičala veľkú sumu peňazí bez toho, aby vám to povedala?