Record Federal Deficit Set to Reach $1.5 Trillion
Error: Contact form not found.
by News Editor
WASHINGTON — The government’s budget deficit will soar to nearly $1.5 trillion this year, the nonpartisan Congressional Budget Office said Wednesday, an anticipated but politically galvanizing estimate that intensified the partisan battle over the nation’s fiscal future.
The $1.5 trillion deficit projection is $414 billion higher than its previous estimate, in August, and reflects in part the tax cut deal last month between President Barack Obama and Republicans. The deficit was $1.4 trillion in 2009 and $1.3 trillion in 2010.
The budget office also said that after decades of Social Security surpluses, the program’s costs are no longer covered by payroll taxes.
The budget estimates will add fuel to the already-raging debate over spending and looming legislation that would allow the government to borrow more money as the national debt nears the $14.3 trillion cap set by law.
Republicans controlling the House say they won’t raise the limit without significant budget cuts, starting with a government funding bill that will advance next month. Senate Republicans also said they would press again for a constitutional amendment requiring balanced federal budgets.
Pod Save America Hosts Call on Democrats to Cut All Israel Military Aid, No Longer Accept AIPAC Funding
Jews, Israelis Targeted in Austria Amid Surge in Antisemitic Incidents; Local Jewish Community Calls for Action
‘All of Our Strength’: Over 1,000 Pro-Israel Activists Gather in DC for Solidarity Conference
‘Devastated’: Wesley LePatner, Killed in Manhattan Mass Shooting, Was a Jewish Communal, Philanthropic Leader
Sen. Angus King Vows to No Longer Vote for Israel Military Aid Until Gaza Conditions Improve
Europe Won’t Pressure Israel to ‘Commit Suicide’ Amid Gaza Backlash, Palestinian State Push, Says Israeli FM
Israel’s National Soccer Coach Attacked in Athens Before Soccer Fans Chant ‘F–K Israel, Free Palestine’ at Match
New York Judge Sentences Neo-Nazi to 5 Years for Livestreaming Bomb Threats Against Jewish Hospitals
US Pressures Lebanon to Issue Cabinet Decision to Disarm Hezbollah Before Talks Continue
UK Plans to Recognize Palestinian State in September Unless Israel Meets Conditions, Starmer Says









