Despite the monthly increase, the federal budget was roughly halved in size from 2021 because of the end of spending tied to coronavirus pandemic relief and higher tax revenues as more Americans found jobs.
- This fiscal year’s budget deficit shrunk in half from last year, but the red ink soared on a monthly basis in September largely because of, as three decades’ worth of costs were compressed into a single month.
“Today we have further proof that we’re rebuilding the economy in a responsible way,” Biden said in remarks at the White House. “Republicans in Congress are doubling down on a commitment to explode the deficit again.” “You can’t just continue down the path to keep spending and adding to the debt,” McCarthy said in an interview this week with Punchbowl News. “There comes a point in time where, okay, we’ll provide you more money, but you got to change your current behavior. We’re not just going to keep lifting your credit card limit, right?”
He also went on the offensive with his economic message, saying Republican plans to undo his policies and preserve expiring tax cuts that favor the wealthy would ultimately push up budget deficits. The monthly report added to those tensions, as much of the cost of debt forgiveness was booked in September, even though the repayment of the loans would have likely occurred over 30 years.
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