Source: https://abcnews.go.com/Politics/2024-federal-budget-deficit-projection-rises-2-trillion/story?id=111254226

Federal Budget Deficit Projected to Reach Nearly $2 Trillion in 2024

The Congressional Budget Office (CBO) has projected that the federal budget deficit will reach nearly $2 trillion in 2024, a significant increase from previous estimates. This projection is driven by a number of factors, including increased spending on Social Security, Medicare, and Medicaid, as well as rising interest rates. The CBO also projects that the deficit will continue to grow in the coming years, reaching over $3 trillion by 2033. This projected increase in the deficit has raised concerns among policymakers, who are debating how to address the country's growing debt. Some argue that the deficit should be reduced through spending cuts, while others advocate for tax increases. The debate over the budget deficit is likely to continue in the coming years as policymakers grapple with the challenge of balancing the country's financial obligations with its economic needs.

Summary

"The projected increase in the federal budget deficit has raised concerns among policymakers about the country's long-term financial health. The debate over how to address the deficit is likely to continue as policymakers weigh the potential benefits and drawbacks of different approaches."

Updated at: 06.21.2024