America’s debt is growing faster than previously expected, largely due to actions taken by the Biden administration and recent legislation, according to the Congressional Budget Office (CBO).
The United States’ projected deficit is $1.9 trillion for the 2024 fiscal year, $400 billion higher than it was projected to be in February, the CBO announced Tuesday. CBO analysts increased their estimate due in large part to the foreign aid package signed by President Joe Biden in April and his administration’s efforts to reduce student loan balances.
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